Elderly Care Spotlight: The Cost of Caregiving...

One in five adults in the US (around 53 million people) are taking care of an elderly family member according to an AARP report. On the average, caregivers spend from out-of-pocket on home modifications, medical equipment, medicine not covered by insurance, adult diapers, vitamins, protein drinks, exercise equipment, and other expenses related to their full-time caregiving duties. This comes at the cost of having to cut down or eliminate work hours due to their elderly parent's 24-hour caregiving needs. There are short stints of time throughout the day - an hour here or thirty minutes there - to eat, shower, and take care of personal business like grocery shopping. Without being able to work, and with both personal and caregiving expenses, most caregivers end up burning through savings and getting personal loans to make it all happen. Research says that on the average, caregivers spend at least 26% (around $7200 per year) of their personal funds to pay for caregiving expenses. To cover costs, 12% have to take out a loan from the bank, family, or friends. If the elderly family member has a lot of debt or bills, those bills will also have to be addressed financially by the caregiver. The stress of trying to stretch funds through the end of each month takes a toll on mental health for all involved. There is a fear that the elderly parent will be left behind, and the family will end up bankrupt.

Some caregivers are in the "sandwich generation", meaning they are taking care of both their children and their elder parents at the same time. If the elderly parent is suffering from a condition that doesn't allow the caregiver to be able to leave the home, then it can get tricky to try and manage their kid's schedules and time to get in work hours to afford to live this lifestyle. Some elderly people really want to stay at home and die in the company of their Loved ones. Others prefer to be in a home with other elderly people to socialize and relate to one another. Not all families are interested in caring for their elderly members. Sometimes there is no option for the elderly family member because they have no one that feels they can handle the caregiving role. Either way, this country has no long-term care system that works for the various challenging situations at play.

There are no options that help family members afford this responsibility, other than not helping their elderly family member at all. In home private care costs start at $5400. They help to bathe, dress, and feed their clients, which takes a huge burden off of the family. In-home health caregivers can be hired hourly for between $20-$50 an hour. However, not many people can afford this cost on top of their own expenses. Medicaid can help some people cover the cost of a nursing home, but their income level has to be very low (around $20,000/year). Medicare does not cover long-term care, but it can cover some of the home health care services. The best way to pay for full-time care for an elderly parent is through Long-term Care Insurance, which is paid for by the consumer as a private policy. The last option is to pay out-of-pocket for the entire cost without the help of any form of insurance - which is the most expensive way to go.

To be a caregiver is a very selfless job. There is a lot of Love, time, energy, and money that goes into this full-time position, so it is vital that caregivers find ways to take breaks and care for themselves too. It is a blessing and an honor to help our elderly family members transition with peace and Love. It would be an even greater blessing if there was a way to get financial support through tax credits or elder care benefits to help create a reality where more people are able to transition with their Loved ones with grace. For now, we are responsible to advocate for our elderly family members. By using our voices to speak out, and to vote for policies that help the elderly, we can make changes that support everyone in the long run.