Many Wyoming residents voluntarily assume a caregiving role for their loved ones, whether children, an elderly relative, or someone with a disability. While family caregiving is a rewarding role, it can consume a considerable amount of the caregiver’s time and finances.
According to AARP, based on the average income of $15.90 per hour, family caregivers in Wyoming provide an estimated $980 million worth of unpaid work annually. Aidaly hopes to change this, ensuring family caregivers receive the financial support they deserve. Below we outline the various ways a family caregiver in Wyoming may receive compensation for their role.
Tax Benefits in Wyoming
As a family caregiver, you may be entitled to certain tax benefits to help offset the costs of providing care services to a loved one.
The Child and Dependent Care Tax Credit (CDCTC)
Under the American Rescue Plan, a recently expanded Child and Dependent Care Tax Credit allows Wyoming families to claim a fully refundable tax deduction (meaning you can still receive a payment even if you owe no taxes) for childcare expenses incurred while working, looking for work, or studying.
In 2021, Wyoming families with incomes under $125,000 annually could receive a tax credit of up to $4,000 for one child and $8,000 for two or more children. Families with incomes over this threshold were still able to receive partial payments. Find out more here.
The Child Tax Credit (CTC)
The Child Tax Credit is a tax credit available to parents based on the age of their children and the parent’s annual income. Families with incomes under specified thresholds can receive up to $3,600 annually for each child under the age of 6, and up to $3,000 for each child between the ages of 6 and 17. As with the CDCTC, parents with incomes over the relevant threshold may still receive a partial payment. Find out more about the CTC here.
Medicaid and Other State Programs
Wyoming also provides support to family caregivers financially through Medicaid waivers and the Wyoming Caregiver Support Program.
If your loved one is on a Medicaid plan, three Medicaid waivers in Wyoming may allow you to receive funds through the beneficiary’s Medicaid plan rather than these funds going to an institution.
Relevant waivers in Wyoming include a Section 1915(b) Freedom of Choice Waiver, Section 1915(c) Home and Community Based Services Waiver, and Section 1115 Demonstration Waiver. Enquiring about self-directed funds with the beneficiary’s Medicaid provider is the best way to learn which waivers may apply in your circumstance. Find out more here.
Wyoming Department of Health
The Wyoming Caregiver Support Program, run by the Wyoming Department of Health, provides more holistic support through respite services, which offer temporary relief from caregiving responsibilities to adults who care for a loved one over 60 years of age or with Alzheimer’s disease or another form of dementia. Find out more about the caregiver support program here.
Veterans Benefits in Wyoming
Wyoming also has certain programs and benefits that can enable Veterans (or their surviving spouses) to compensate family caregivers.
Veteran-Directed Care Program
The Veteran-Directed Care Program aims to lower the institutionalization of veterans, enabling them to continue living in their homes and communities rather than nursing homes. Eligible Veterans can hire and pay their own caregivers, including family members. Unfortunately, spouses are unable to be paid as caregivers under this program as their income is considered in determining the veteran’s eligibility. Find out more here.
Program of Comprehensive Assistance for Family Caregivers (PCAFC)
The PCAFC provides support to family caregivers caring for eligible Veterans who sustained serious injury or illness in the line of duty. Veterans can designate a primary family caregiver who can then receive a range of benefits including a monthly payment, health care insurance, counseling, and reimbursement for traveling to the Veteran’s appointments. Secondary caregivers can receive the last two of these benefits. Find out more about the program here.
Wyoming Veterans may also be eligible for either the Veteran Aid and Attendance Benefit, or the Housebound Benefit, on top of their standard VA allowances.
The Veteran Aid and Attendance Benefit helps Veterans who require a caregiver’s assistance to safely complete daily activities to pay for caregiving services. A single Veteran may receive up to $2,050 per month, while a married Veteran can receive $2,431 per month. The Housebound Benefit provides a higher monthly allowance for Veterans who are confined to spending the majority of their time in their home due to a permanent disability. Learn more about this benefit here.
Finding out how to get paid as a family caregiver can be confusing and time consuming. Thankfully, you don’t have to do this alone. Sign up for Aidaly today so we can support you through the process of getting financial assistance for your caregiving role.