I am glad you have asked about a pay rate for live-in family caregivers. Many elders have to go into institutional settings because the family is too shy to ask
for pay for themselves. I wish there were a way, to help all family caregivers with this delicate question. Family helpers are saving our country billions of dollars. This needs more acknowledgment and support
I don't know of a formula. Why don't you find out what the standard pay for a live-in is in your part of the country? For years, the most usual rate of pay for a live-in caregiver has been $500.00 a week with one or two days off. However, the range is somewhere between $300 a month to $2500 a week. That kind of range should give you permissionn to work out what a salary would be that works for your parents and for you.
You should feel good about the pay. You could figure how much the room and board is worth. Then figure how many hours you are working. I spoke with a nice assisted living the other day. They charge $4000 a month for room and board, which also includes transportation to appointments, housecleaning, cable t.v.and parking. There is an extra charge for two people. Residents who need help with personal care and other tasks pay for the extra care at the rate of $25 an hour.
You should ask around. Even though it is family,or especially because it is family, you should write down the care plan, your salary, and what it is based on. Communicate this to your parents and any siblings or others such as your lawyer or accountant. Also consider whether you can take care 7 days a week. Do you need to get a professional for a day or two a week or month? Also, as the care needs increase, make sure there is enough money to cover extra help. Who will help when you are on vacation?
Please feel good about entering into this challenging and fascinating world of care. The work you are doing is important!