The short answer is yes; however, it may not be simple to obtain compensation and the compensation may be minimal. If you care for your parents in your home or theirs, you may be eligible to receive payment from organizations that would be paying for their care if you were not providing the care yourself. The following agencies may be able to provide you with some compensation:
Medicaid. You may benefit from asking your local Medicaid organization about Medicaid Waivers or other types of compensation.
Adult foster care. Some states support adult foster care programs that may help you financially if your parent has moved into your home.
Veteran programs. Sometimes a veteran's pension may include an Aid and Attendance benefit that may be used to provide care.
Life insurance. Some can pull value from a life insurance policy to help cover the cost of care.
State agencies. You'll benefit from researching whether your state provides their own elder care support programs.
Long-term care insurance. Some elder persons may have long-term care insurance that can be used to help pay for care.
Tax deductions and credits. You may benefit from talking with your attorney about possible tax advantages that may be available to you.
Paid Family Leave. You may have this benefit available to you. It allows you to take temporary time off to care for a family member.
Regardless of which agency you contact for support, you'll benefit from keeping meticulous records about the care you are providing. You'll also want to have a signed agreement stating that your parent wants their care from you and that you have a care agreement.