When living without assistance is no longer an option, you will likely have to consider home care assistance. Unfortunately, home care assistance can be rather expensive, especially if you have no idea where to start when it comes to lowering the costs. Here are a few tips that will help you make home care assistance more affordable.
IRS Tax Deductions
One way you can save quite a bit of money on home care assistance is by seeing if you qualify for IRS tax deductions. To qualify for tax deductions, the home care tasks do not need to be performed by a nurse. The only requirement is that the services provided are similar to the services usually performed by a nurse. For example, you can qualify for tax deductions if you pay a home care assistant to give medication, change dressings, and bath and groom the patient. Overall, as long as the care is provided to an individual that is chronically ill and in need of assistance due to his or her disabilities, you will likely qualify for tax deductions.
If you want to be able to claim your tax deduction, you must pay the employee or in-home caregiver through an agency. Overall, if an employee or caregiver has no intentions of paying income taxes, you will not be able to claim a tax deduction.
To help pay for home care assistance, you should also check to see if you qualify for Dependent Care Credit, which is a deduction for any money that you paid someone to care for a dependent during the time that you work or look for a job. For example, if you hire an employee or home care assistant to take care of your aging mother while you're at work, a certain percentage of the money paid to the agency or caregiver is deductible on your taxes. In order to qualify, the dependent must live in your home and he or she must qualify as a dependent under the regulations set by the IRS.
If your dependent requires care 24/7, you should consider moving him or her to a nursing home instead of paying a caregiver or agency. At a nursing home, your dependent may end up receiving better care and you may end up saving more money.
As you can see, there are many ways you can save money on home care assistance. Follow the tips listed above and you will likely be able to make the cost of home care assistance more affordable for you. Talk to places like Always Dependable for more information.