More families are choosing to take on the role of caregivers for aging loved ones. There are many benefits for doing so, but it is important to consider the costs of caregiving 

involved in conjunction with financial planning for your own future. This allows you to better plan for what lies ahead as you take on the care of your loved one.

Saving Money When Caring for a Loved One

The rewards of caring for a loved one at home are abundant on personal and emotional levels. The financial costs, though, may be a little higher than you anticipated. These tips will help you save money on some of the common expenses related to caring for your loved one.

 Saving on Prescription Medications. Prescription medications are often large expenses for people who are aging and/or have specific illnesses. Fortunately, there are many steps you can take to maximize your savings for medications, including to:

• Compare prices locally, and seek out prescription discounts, through Good RX. Remember to check online and mail order options as well.
• Reach out to drug manufacturers who sometimes provide financial help for specific drugs.
• Talk to your loved one’s physician and see if they can provide medication samples.
• The Social Security Administration (SSA) has a program called Extra Help With Medicare Prescription Drug Costs. Eligible seniors can realize an extra $4000 annually through this program.
• Speak to the pharmacist to see if they can substitute less expensive generic medications and discuss any alternates with your loved one’s doctor for approval.
• Take advantage of retailer “$4 prescription” programs. Many retailers offer a list of commonly prescribed generic medications for $4. Check them out and make sure you’re getting the best possible price for your loved one’s medication need.

Other Ways to Save on Caregiving Expenses

• Consider Meals on Wheels or similar community programs to offset the costs of meal prep for your loved one.
• Take advantage of tax deductions for approved medical and dental expenses for the year.
• Compare the costs of medical supplies. Many suppliers bundle supplies and equipment rather than selling them individually. Compare the costs of bundles and individual necessities and choose the one that offers you the greatest financial advantage. Don’t forget to compare costs among online and local suppliers.
• Purchase everyday supplies in bulk, such as incontinence pads, paper towels, cleaning wipes, and protein beverages.
• Spend eligible funds from health savings or flexible spending accounts. This is “tax-advantaged” spending and may help you save more in the long-term.
• Check your local lending program to see if you can borrow medical equipment and devices. Eldercare Locator, which is a public service of the U.S. Administration on Aging, can help you locate things like wheelchairs and walkers to borrow. As you can see, there are many avenues available to help you save on the costs of caring for your loved one.

Other Financial Assistance Opportunities. Don’t forget to also seek new ways to bring money in. While those who are providing care for loved ones may not be able to take on second jobs, they may be able to telecommute completely or even a few days each week to reduce commuting expenses.

• Spending your loved one’s money first. Oddly enough, spending down their funds, first, to pay for living expenses, medications, and structural changes to the home can help them qualify for more aid and assistance later, according to Time Magazine.
• Check to see if your loved one is eligible for Medicaid or Veterans benefits to help with expenses.
• See if your loved one’s long-term care insurance offers to pay family members for caregiving.
• Visit benefitscheckup.org to see if your loved one qualifies for any of the 2,500 benefits programs available nationwide.
• Getting financial help eases the burden on caregivers and allows a little breathing room for important self-care during the process as well.

Planning for the Future

Whether you are currently caring for a loved one or planning for the future, it's important to realize the additional expenses that may lie ahead you. While you are on a tight budget, it's still important to take steps to help save for the future. Every penny saved today will help you in the future.