“If there’s a workplace accident and there’s no workman’s comp in place for the caregiver, the family can be held responsible for the amount of damages that would have been awarded in a claim, which include medical expenses and lost wages,” Breedlove said. That’s compared to just paying the insurance, which is 1% to 1.5% of payroll.
Indeed, this can be a complicated matter for folks to deal with. For financial advisors, it provides an opportunity to expand their services and add value by helping clients navigate the world of privately employed caregivers.