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Years ago the local Luthern Family Services had a service that matched elderly people in need of care with a responsible person who needed housing. I knew a couple who utilized the service successfully for four years until they died. They provided room and board to a middle-aged woman in exchange for, I believe, eleven hours of caregiving support weekly. Any additional hours beyond that were to be negotiated between the care recipients and the caregiver. Luthern Family Services screened the caregiver and I assume did a background check on her.
In this case, I know my elderly friends were fortunate to have a truly caring person to help out with dr. appts, errand running (in the couple's car), and various other tasks. After the wife died, this caregiver took on more and more hours caring for the widowed husband who had significant health issues.
Luthern Family Services discontinued this service in our area long ago. I don't know the reason, but suspect not all the match-ups worked as well as they did for my friends and their caregiver.
Please be very careful who you bring into your parents' home. Family or friends should visit often to check on their welfare. There have been terrible stories in the news of vulnerable, elderly people being neglected, abused, and robbed by their live-in caregivers. And a background check is absolutely necessary. I know of another family who were ready to hire a seemingly wonderful caregiver -- until the background check revealed her police record.
I found it worked much better to have 3 shifts of caregivers, each of which go home at the end of their shift, thus be refreshed the next day. Yes, that would be expensive. In my area, it would cost $20k for professional caregivers from a licensed agency that is bonded, insured, and offer workman comp for their employees.
Your parents would need to purchase a workman comp insurance policy for any employee who does not come from a licensed agency. Also the caregiver would need to have his/her flu shot and a recent TB test. Plus you would need to do a background check.
Would you do it?