Orange County Senior Care Spending: Family Caregiving Costs More Than Expected

January 3, 2017

Providing senior care for a family member or loved one is something that you graciously want to do to help your family. However, the economic toll can be devastating to families. A new report released by AARP has found that over 20% of caregiver’s income is spent out of pocket caring for a family member or loved one. Many of the caregivers are putting their own economic and retirement security at risk. On average, family caregivers spend almost $7000 in out of pocket expenses. Caregivers of people with dementia saw nearly double the out of pocket cost at $10,697 than those caring for adults without dementia. Long-distance family caregivers spend almost $11,923 compared to those living nearby. This is most likely due to the fact they are paying for outside services.

Most family caregivers cut back on personal spending, dip into savings, save less for retirement or take out loans to make ends meet. Latinos and low-income families are hardest hit, spending over 44% of their annual income to care for aging relatives. Many caregivers report having to take unpaid time off which causes strain in the workplace. The government is working to pass a Credit for Caring Act which would provide for federal tax credit and give some financial relief to eligible caregivers. Much more help is needed to provide caregiver relief, medical training and social security credits to make up for the loss of benefits when caregivers must drop out of the workforce. With the increase in aging adults and longer lifespans, it is imperative that families should be given some relief as it begins to affect all Americans.
Call Acorn for screened in home care givers to assist you loved lines in Chapel Hill, Durham, Carrboro and nearby areas.

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