Common Financial Costs of Being a Caregiver
According to an article in the AARP Bulletin in November 2019, being a caregiver could cost you financially in several ways. As you read this list, you may begin to realize how important it is to use some of the suggestions listed later in this article.
* About 78% of caregivers spend an average of $7,000 a year out-of-pocket for the care of a loved one. This can include money spent on things like adult diapers, over-the-counter medications, special food, and extra gasoline for their car.
* The cost can rise to as much as $12,000 a year if the patient or family member you are helping lives at least an hour away.
* This financial cost often reduces the caregiver's retirement savings by as much as 25%, because this becomes money which does not go into their own retirement savings account and does not grow, as it would have if it had been invested or deposited into a bank or investment account.
* The caregiver's financial situation may be worsened even more dramatically, because about 23% of caregivers take on additional debt in order to cover their out-of-pocket expenses. Sometimes they do not even notice their rising credit card bills or other borrowed money until the situation gets out-of-hand.
* Caregivers often lose out financially in other ways, too, by causing them to earn a lower income as a result of their responsibilities. On average, they tend to work at paid jobs about 80 minutes less each day. This not only reduces their income, but it also makes them less likely to get promotions, which in turn lessens the amount of future pensions and Social Security benefits they will receive. In essence, they are sacrificing their own future retirement in order to care for a beloved family member who may be retired.
* Nearly one-third of caregivers have left a job or reduced their hours because of the stress of their caregiving responsibilities. The repercussions of this not only means less income, but often the loss of employer-provided benefits such as health insurance or a 401(k) plan with matching contributions. If they retire early, that can also reduce their retirement benefits.
Caregivers Often Ignore Their Own Needs
In addition to devoting so much of their time and money to the care of another person, caregivers often risk their own health and well-being, and that of their immediate family. Here are some typical sacrifices caregivers sometimes make. Most caregivers have cut more than one of the items listed below.
* About 37 percent say they have reduced their spending on household maintenance.
* Approximately 11 percent admit they have been forced to spend less on their children's education, which may force their children to take out larger college loans in the future. This passes the financial burden on to another generation.
* About 25 percent have had to reduce their spending on groceries for their family.
* Unsurprisingly, 30 percent say they have spent less than normal on clothing and personal items.
* Roughly 12 percent have cut back on the money they would normally spend on utilities, including heat and electricity, which could also endanger their own health or that of other family members, if the cuts become too extreme.
* Caregivers also report sleeping less at night and about one-third admit they have reduced their own dental care, and cut down on routine visits to the doctor, as well as getting medical care when they are sick or injured Many have neglected to fill a needed prescription for themselves, or get a recommended test or treatment.
Try Not to Handle the Caregiver Burden Alone
Although many caregivers do not reach out for help, there are a number of resources available to reduce the financial and physical burden on the primary caregiver. While this assistance may not solve all the problems, any help at all could make a big difference both for the caregiver and their family. In addition, taking advantage of the help which is available in your community might even improve the quality of care for the patient. Simple steps such as ordering groceries online, arranging medical transportation so you do not have to do all the driving, asking for assistance with the patient at airports or in medical facilities, and taking time out for yourself can make a big difference.
* Talk to your loved one and ask how much help they actually want and need. They may be able to do more than you realize. If they do not live with you, it may be easier for them to be independent if you make a few modifications to their home and help them out once a week by shopping for them, filling their pill containers, paying their bills and handling other issues which may be difficult for them. In fact, as long as they are mentally competent, the patient may not even want you hovering over them all the time. Make sure you have a clear understanding of the kind of help they actually want and need. If they live in your home, they may even be willing and able to perform necessary chores such as dusting, watering the lawn, handling the laundry, helping with meal preparation, or doing the dishes. This will make them feel needed and reduce the amount of work the caregiver is trying to do every day. Appreciate whatever they are able to do, and allow them this way of helping to reduce your stress.
* Get a personal home alarm system for someone with a serious chronic condition, so they can quickly and easily contact you or someone else if they fall, become acutely ill, or need emergency help. You will worry much less, and they will be safer. You can find a variety of home alert systems (Ad) available here, including some that have wearable devices included.
* If you are a caregiver with a paid job, before you quit or cut back on your hours, see if there are any employee benefits designed to help caregivers. In many places, you could be entitled to family leave or other assistance. This can be particularly helpful if your loved one becomes particularly ill or needs to be hospitalized. It would allow you to periodically to take off for a few day when necessary, without losing your job.
* Go to the Family Caregiver Alliance at caregiver.org and print out a personal care agreement so that you have a clear agreement with the person who is receiving the care. In some cases, they may be able to pay you for your caregiving services and a personal care agreement can spell out specifically what you will be doing for them. If they are on Medicaid, for example, relatives or friends who are caregivers can sometimes be paid through that program, under certain circumstances. This can also lessen the financial burden on the caregiver. I know of at least one man who has been able to use this program to hire a young person to drive him to doctor appointments and the grocery store. This has been very helpful, since driving has become very difficult for him.
* Ask family and friends if they can help with some of the responsibilities. For example, even if you are doing the grocery shopping and filling their weekly pill containers, ask if there are relatives who can take some of the burden off of you by checking on the patient certain days of the week, preparing their meals, helping them shower or dress, etc. Even getting help from others a couple of days a week can make it easier for you to remain at your paid job, feel less stressed, and enjoy time with your own family.
* See if there are any state or local services to help you. Get all the help you can afford or that may be available in your community at little or no cost to you. Here are some ideas:
* Websites which provide helpful information for caregivers are:
eldercare.acl.gov
caregiver.org
hhs.gov/aging/state-resources
shiptacenter.org
AARP.org/caregiving
Essentially, it is important to realize that you do not need to take on the full responsibility for caring for another person. You do not need to sacrifice your own life, health and financial security. There are programs available to help you, while making sure your loved one receives the care they need, and enabling them to get the most enjoyment possible out of their lives. Make sure you explore all your options and take advantage of every resource you can find.
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