Financial assistance for family caregivers is everywhere, you just need to know where to look for it. Annually, 419,000 residents in New Mexico provide unpaid care, with the financial burden adding to the stress of caring for a dependent loved one.
By connecting family caregivers with state-specific tax benefits and payment opportunities, Aidaly works toward a better future for caregivers and those who receive care, alike. Understanding where to find financial assistance is of the utmost importance, which is why we’ve outlined some of the main funding sources in New Mexico.
Tax Benefits In New Mexico
New Mexico offers tax benefits for family caregivers, relieving you from some of the financial pressure.
Child and Dependent Tax Credit
A percentage of care-related expenses can be compensated for with the CDCTC. In New Mexico, a family caregiver can earn $1,340 through this program — $240 above the federal level! You will have to claim the credit on Tax Form 2441. Find out more about the CDTC in New Mexico here.
Medical and Dental Expenses Tax Deductions
Deductions on medical and dental expenses are incredibly useful in family caregiving settings as a dependent loved one often requires greater use of medical services. Exceeding 7.5% of your annual adjusted gross income with these relevant expenses qualifies you for this tax benefit. Learn more about these New Mexico tax deductions here.
Medicaid and Other State Benefits
Medicaid and state programs offer alternative methods for pay, allowing those who receive care to “employ” their family member as a caregiver.
Medicaid waivers in New Mexico enable those who receive care to find alternative care systems, departing from institutionalization and external services. Consequently, a family caregiver can provide at-home care and receive funding by redirecting Medicaid payments that would otherwise go to long-term care services. Learn more here.
Centennial Care Community Benefit Program
Through this program, elderly and disabled adults can receive care at home. This includes a personalized curation of care programs, such as hiring a family member as the primary caregiver. To qualify, your loved one must be a resident of New Mexico and eligible for Medicaid. Find out more here.
Veterans Benefits in New Mexico
Veterans in New Mexico are entitled to financial benefits to aid their care. The VA can therefore pay family caregivers as part of these plans. Learn more about national VA programs here.
Program of Comprehensive Assistance for Family Caregivers
The PCAFC provides a monthly stipend to family caregivers to improve access to care services and supplies. Generally, this stipend is valued up to $2,750. Eligibility is dependent on your Veteran having been injured severely in the line of duty, and requiring care as a result. Learn more about the PCFAC here.
Housebound Pension Benefit
The VA understands that some Veterans are unable to leave their homes. Due to the difficult nature of these circumstances, they developed this funding method to pay family caregivers an additional sum to help with care. This is worth up to $1,882 every month. Check to see if you’re eligible here.
Veteran Directed Home & Community Based Care
A Veteran can “hire” their family member as a caregiver through the VDC program. You can receive an hourly rate, generally between $8 and $21 per hour. Every Veteran who requires assistance with daily living can apply for this. More information regarding home-based services provided by the VA may be found here.
The difficulty of caring for a dependent loved one cannot be underestimated. Fortunately, the credits and programs outlined above can relieve some of the financial burden that comes with caregiving. Aidaly advocates for family caregivers to receive their deserved pay and removes the barriers to accessing financial support. Contact us today to get started.