The Crippling Financial Effects of Family Caregiving
Family caregivers are burdened with so many challenges. While their noble pursuit of looking after their elderly parents is not financially rewarding, they still carry out their caregiving tasks because they feel a strong sense of obligation towards their elderly parents. At some point, family caregivers feel the crippling financial strain of their unpaid career.
Around 66 million people in the United States which accounts for 20 percent of the entire American population are saddled with family caregiving duties. About 83% of them are footing a part of the bill for elder care. Much of their productive time is consumed by caregiving leaving them just of few hours of productive time that could have been used for doing regular or part-time jobs.
If we look closely at the crippling financial effects of voluntary caregiving by a family member, caring for an elderly parent or relative would amount to an average of more than five thousand dollars every year. This amount is far bigger than what most middle class families spend on health care and recreation.
As their financial resources drain while paying for the out-of-pocket expenses for the senior under their care, family caregivers are forced to let job opportunities slip. Many take part-time work instead of regular ones while others just leave their job until their caregiving responsibility is over. With less money to spend for caregiving, some often resorted to pawning whatever valuable assets and properties they have just to cover the cost.
Caregiving entails serious financial considerations. Every caregiver needs to be start thinking about caregiving economics. Paying for a senior’s stay at a nursing home or an assisted living facility is quite expensive these days given the upward trend of senior care services. However, another alternative is to enlist the help of home care agencies for an affordable in-home care services.
If the current insurance your senior has does not effectively cover in-home care services, it is wise to shop for affordable insurance policies that can pay for your senior’s home care. It is a far smarter way than most people think. If you sum up the total out-of-pocket expenses it is far bigger than what insurance spends on care.
You may also want to look at government benefits like Medicaid to check if there’s any way your elder parent can enroll in the program. Hiring a financial consultant at the start of a family caregiving career would be important so you will be presented with a wide array of cost-saving options.
While you may worry about lost wages due to caregiving, you can entrust your old loved one to the professional care of home care providers. Private home care providers are now integrating care manager software so families can retain a significant amount of administrative care oversight without having to leave for work. This would present an opportunity for a family caregiver to ease the financial burden of voluntary unpaid caregiving.
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