No one wants to think about it, but unfortunately as our parents and loved ones age, family caregivers need to think about how to provide the best care possible. According to an AARP report, family members spend between $7-15k per year on eldercare issues. This may lead some caregivers to have to cut back on spending in other living expenses to help cover these care-giving costs
Here are four key findings from the report - you can view the full summary here:
- Family caregivers, on average, are spending roughly $7,000 ($6,954) per year on out-of-pocket costs related to caregiveing. A financial strain measure shows family caregiving are spending, on average, nearly 20% of their income on caregiving expenese.
- Long-distance caregivers (defined as those living more than one hour away from their care recipient) incured the highest out-of-pocket costs ($11,923) compared to caregivers living with or close by their care recipients.
- Those caring for an audlt with dementia reported nearly twice the out-of-pocket costs than caring for someone who does not have dementia. They make the difference between being comfortable or not! Be sure to have the phone number of the nurses’ station in case your call button is not answered promptly. Remember that nurses and aides assist many patients, so they may not be immediately available. Call only when you really need something.
- More than half of family caregivers experience at least one work-related strain such as working different hours, more/fewer hours or taking time off (paid or unpaid).
Contact us today to find out how a Geriatric Care Manager could save you thousands.
Call 253-201-2272 or email us
Published on September 28, 2018.