A new annual report from AARP indicates that the average family caregiver pays $7,000 in out of pocket costs toward assisting an elderly loved one each year. This comes directly from their Family Caregiving and Out-of-Pocket Costs: 2016 Report. These costs included medical expenses, household costs, and transportation, among other things. This same study revealed that those between age 35 and 50 spend about 24 percent of their annual income caring for a loved one. Although not all of these expenses were geared toward senior care, a majority of it was.
This shows that being a family caregiver is a huge responsibility. It makes a lot of sense that it would be a large physical and emotional responsibility, caring for an elderly parent or grandparent, but it is also a large financial burden. These numbers do not even scratch the surface of lost opportunities from missing time at work or even leaving a job altogether to be a caregiver.
For many families, the cost of being a family caregiver–both the out of pocket expenses and the opportunity cost–is well worth it. Family gets to be together, helping each other in this seeming reversal of roles. The child that was once cared for by the loving parent is now the caregiver helping out the elderly parent. It’s a way to return that love and spend time together.
Although this is a great sentiment, and one that should be admired, it’s not always a realistic situation. Many families cannot afford to lose a breadwinner within their household, and this new report reveals that being a family caregiver is much more expensive than a lot of people might think. In fact, there’s a strong chance that filling in the role of a family caregiver can be even more expensive than hiring a professional to administer in-home care. Other studies have confirmed this line of thinking.
At Paradise In-Home Care, we want you to have what’s best for your family, and we understand that the cost of care can sometimes be very difficult for families to come up with. Paying for a professional seems like too much when you can do a lot of the same things on your own. There are many things to consider before you go this route, and cost is just one of them. If going with a professional caregiver is cheaper for your family, then this could be an easy way to increase the quality of life for not just your older parent, but everyone else in your family, too. Going with a professional doesn’t mean that you need to sacrifice time spent with them, either. If it allows you to focus on the necessities of life, like work and rest, then the time that you spend at home with your mom or dad will be a lot less stressful and more enjoyable. Managing your time and your resources in this way will actually ensure that you can spend quality time with the parent who once cared for you.
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