A new and improved estimate of just how much informal senior care is given within the United States was just released. The number? $522 billion each year. That helps quantify the cost that the 30 billion hours spent on caregiving per year throughout our country. By any method of looking at it, this is a huge number and it outlines just how severe the need for elder care is within the U.S. right now.
The $522 billion takes into account the amount that care costs when administered by a family member, and not the cost that a trained professional would cost. That number is actually lower, at an estimated $221 billion. It’s still a huge number, but less than half of the cost of administering care on your own.
The issue isn’t that you are paying for providing your own care to a family member. If that was the case, the cost would be apparent, and fewer people would do it. But even though you can’t easily see how expensive it is to care for your own family member does not mean that it is not extremely costly to you. A lot of the costs are hidden, such as lost time at work, lost opportunities, and extra expenses within the home. A lot of these things can be avoided with a professional in-home care service.
Much of the advantage of going with a professional service is that the framework is already in place, you just need to take advantage of it. You don’t need to get trained yourself, you don’t need to spend time out of the office, and you don’t need to rearrange every aspect of your life, sacrificing job opportunities and advancement. You will still be caring for your loved one while you are home, but the service provides a watchful and caring eye while you are away. It is a great opportunity for you to continue on with your life, all while being a responsible family member and doing the right thing. Besides, a professional is most likely able to provide a higher level of care than you can, so your loved one will be safer under their care. You might even be able to learn a few skills to help them out more yourself from the caregiver.
One other thing that often goes unconsidered is that it is extremely helpful to have help outside of the immediate family. Family members are treasured, of course, but the opportunity to meet new friends is a difficult thing to grasp once it gets to the point that care is needed. An in-home caregiver is a trained pro, but they also can become a trusted friend. It’s a great opportunity to provide companionship for your elderly loved one, one that you might not have otherwise.
The study calculated costs by looking at the average amount that the demographics providing informal care for family members would get, and then compared it to the cost that a professional caregiver would be paid. It might not be 100 percent accurate, but it does provide a clear picture of just how much it costs to care for your own family member without any help.
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