When you become a caregiver, you'll need to tackle some money issues. There may be unexpected costs to giving your loved one the care they need. And your own finances may be hurting if you left your job to take on your new role.
Take this test to get a snapshot of your financial needs. Check numbers 1, 2, or 3 for each question on the list. Then get your score by adding up the numbers you selected.
What is your loved one's money outlook?
_____ (1) Has few if any financial assets
_____ (2) Doesn't qualify for government assistance programs
_____ (3) Is able to pay for needed support and care
What is your money outlook?
_____ (1) No money to give to your loved one's care
_____ (2) Only a little money that will soon be used up
_____ (3) Able to take on financial support of your loved one
In the future, the financial situation for either you or your loved one is expected to:
_____ (1) Get worse
_____ (2) Remain stable
_____ (3) Improve
Can the decision to have in-home caregiving be reversed?
_____ (1) No, it can't be reversed.
_____ (2) It can't be easily reversed.
_____ (3) It can be easily reversed.
How long will the in-home caregiving last?
_____ (1) It's expected to be long-term.
_____ (2) The time period is uncertain.
_____ (3) It's expected to be short-term.
Are there legal issues for your loved one's care?
_____ (1) There are complicating legal problems.
_____ (2) There are a few minor legal problems.
_____ (3) There are no legal problems.
Do you or your loved one need to move to a new location?
_____ (1) It's needed but not wanted by both you and your loved one.
_____ (2) It's needed but not wanted by just one of you -- either you or your loved one.
_____ (3) It's not needed, or if it is, it isn't a problem.
Is your home big enough?
_____ (1) It isn't big enough, doesn't have the right equipment for care, and renovation isn't possible or affordable.
_____ (2) It isn't big enough and doesn't have the right equipment, but renovation is possible.
_____ (3) It's the right size and is equipped to provide the needed care.
Is there enough privacy in your house?
_____ (1) Privacy for each household member is not possible.
_____ (2) Privacy can be arranged for each household member with minimal effort.
_____ (3) There's time and space for each household member to have some privacy.
Now add the numbers you've checked. A lower score means your budget situation is less manageable. You'll need to spend some time working out a budget and getting some financial advice about paying for your loved one's care. A higher score means your situation is easier to plan.
The lowest possible score on the test is 9. The highest possible score is 27.
Your score: _____