Nearly 14% of all people in New Hampshire are part or full-time caregivers for a loved one, clocking in an amazing 148 million hours of unpaid work. The financial stress of having to care for a loved one can be immense, which is why Aidaly is here to help.
We’ve put together a list of tax credits, Medicaid, Veterans, and state benefits which can help ease the financial burden.
A number of federal tax credits are available for those who are taking care of a loved one. Some of them are refundable, meaning that you can claim any unused credits and receive them as part of your tax refund. Others are non-refundable, which means the credits can only be used to pay existing taxes.
The Earned Income Tax Credit (EITC)
The EITC aims to assist caregivers with the costs of raising children. Although most low or moderate income taxpayers qualify for up to $560 in tax credits under the EITC program, adult caregivers of children can receive an additional $3,173 to $6,375 in tax credits. Learn more about it here.
The Child Tax Credit
The Child Tax Credit also aims to help with the costs of raising children, with an additional partially refundable tax credit of up to $2,000 per child available. You can apply for this tax credit online here.
Tax Credit for Other Dependents
If you are supporting a child over 17, you can also apply for a non-refundable federal tax credit of up to $500. This is also available to adults who are taking care of elderly or disabled parents.
The Child and Dependent Tax Credit (CDTC)
The CDTC is a partially refundable tax credit for those who are transitioning from caregiving to other work. Up to $1,100 in tax credits can be offered to cover the costs of respite care, transport, and other assistance required to maintain care of the dependent while the applicant applies for or attends work. For more information, click here.
Medical and Dental Expenses Tax Deductions
If you spent more than 7.5% of your annual income on medical or dental services, you may be able to claim additional costs as a federal tax deduction. You can learn more about this here.
Medicaid and Other State Programs
Medicaid has a number of provisions which allow caregivers to be paid for their time.
Personal Care Attendant Services (PCAS)
PCAS is a Medicaid program designed to help those who use a wheelchair 80% of the time or more. PCAS is self-directed, which allows those requiring care to designate friends, but not family or spouses, as caregivers.
In order to receive payment for caregiving services under PCAS, the caregiver must complete the Attendant Care Education Orientation run by the Center for Independent Living, Granite State Independent Living.
Home and Community Based Services (HCBS) Waiver
The HCBS is a limited intake program in New Hampshire for those who are eligible for nursing home care but prefer to remain in the community. This waiver covers the cost of caregiving services provided they do not exceed the cost of nursing home services in the area. Funding provided by the HCBS program is self directed, and those requiring care can designate friends, but not family, as caregivers.
Veterans are eligible for a number of services which can provide payment for caregivers. You can learn which benefits you or a loved one may be eligible for through the New Hampshire Veterans Services.
Veteran-Directed Home and Community Based Care (VDC)
The VDC is a service run through the VA which allows veterans to designate family or friends as caregivers. The caregiver is then eligible to be paid, ranging from $8 to $21 an hour.
Veteran Aid and Attendance Benefit, New Hampshire (A&A)
Veterans who require assistance with everyday activities may qualify for A&A assistance. Similar to the VDC, this program provides caregivers with compensation for their caregiving services through a monthly pension.
VA Program of Comprehensive Assistance for Family Caregivers (PCAFC)
The PCAFC is a wide-ranging program aimed at assisting those who care for Veterans who were severely injured in the line of duty. The program offers counseling and training as well as a monthly stipend. You can find out more here.
Aidaly helps streamline the process of getting paid as a family caregiver in New Hampshire. Contact us today to get started.