SEATTLE — Being a family caregiver is a labor of love that often comes with some real out-of-pocket costs. Preparation is key to help manage finances and support your peace of mind.
“Whether it’s helping take your family members to appointments, managing medications, making sure they’ve got the right foods to eat and that there is somebody helping them get from place to place, these are all things that folks are doing,” said Marguerite Ro, AARP state director.
As a caregiver, it’s important to have visibility to your loved one’s financial situation. This can allow you to prepare, work to get other family members to help financially and connect with your financial advisor to look at your own investments.
“I would say from an estate planning standpoint, talk to an attorney about your estate plan and make sure you have your affairs in order,” said Linda Davenport, BECU Trust Services team. “If you don’t have a plan in place, it can be very costly.”
Caregivers should also personally prepare for their own financial future.
“Everything that you’re doing for the person you’re caring for and working with even their advisor or their estate planning attorney, you should be doing that for yourself as well,” Davenport said.
The WA Cares program is also helping Washingtonians better prepare financially for future caregiving and long-term care needs.
“The older population is growing, and we don’t, frankly, have the services and the supports that we need for folks,” Ro said.
The WA Cares Fund provides working Washingtonians a way to earn access to long-term care benefits that will be available when they need them. This can include funds to pay family caregivers to offset lost income, make home safety modifications, get meal delivery and more.
AARP has resources to help, including a free Financial Workbook for Family Caregivers. Learn more on the AARP website.
Sponsored by AARP
Segment Producer Suzie Wiley. Watch New Day Northwest at 11 a.m. weekdays on KING 5 and streaming live on KING5.com. Contact New Day.