“Saving A Caregiver’s Savings” is not a tongue twister, even though close ! Caregiver’s sacrifice goes beyond any dollar amount. As the credit card commercial say, “ Priceless !”…..However, in actuality it is difficult nor unusual for a caregiver not to dip into their personal savings to help meet the needs of the patient. ‘Let me count the ways’ comes to mind as follows:

Insurance only pays a portion on medicines and treatment and/or required accessories, and many times it is simply easier for the caregiver to pay than go through the process involved in accessing the patient’s money at the given moment. This is done through generosity and kindness of heart with little consideration if the money will be paid back or not. Often the thought of being paid back never enters the caregiver’s mind.

A caregiver who lives separated from the patient does a lot of running of errands, and picking up of small expensive items going or coming from visits. One might think why the concern at all ? The concern is that everyone has a set amount of income, and a caregiver is no different, generous of heart, but usually not in possession of a generous amount of wealth. The caregiver has personal financial responsibilities that are to be met, and a need to draw a line between “Mine and Theirs”. A caregiver seldom has concerns for their own care and their personal life style management is neglected.

A caregiver is under a great deal of stress, which brings about loss of memory, and loss of sleep. Combine that with personal creditors who may not be receiving timely payments and it all adds up to a major problem. The solution is to maintain separate checking accounts, and use them separately, not co-mingling the money. Keep accurate records and all receipts that will enable you to track all expenditures. IF, living space is shared with the patient, there is a greater need for being organized and accurate record keeping.

Keep a log of all the mileage escorting the patient to the doctor, hospital and for special medical appointments. Even if you aren’t being paid, if there is ever any question by anyone, you will have documentation to show that you have truly cared for this person as a caregiver should. There are many ways to consider for a caregiver to stay in control of all their financial affairs AND the patient’s.

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