$300,000 - The Unseen Costs of Family Caregiving

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posted by Ted Ryan on June 17, 2014

Nearly 10 million adults over the age of 50 care for an aging parent. It is often an assumed duty for adult children. Some wish, or feel obligated, to repay a parent for their years of care and upbringing. Others believe it is more cost effective for a family member to provide care.
 
At Seniors Home Care, we understand the financial and emotional strain that caring for a loved one can cause. It was the first-hand experience of caring for her grandmother that showed Kit Whittington the need for reliable home care and led her to start SHC.
 
A 2011 Metlife Study of Caregiving Costs to Working Caregivers assesses adult children over the age of 50 who care for their parents. The results may differ from traditional thinking. Below are some of the key findings.
 
  • The percentage of adult children providing personal care and/or financial assistance to a parent has more than tripled over the past 15 years. Currently, a quarter of adult children provide these types of care to a parent.
  • Adult children who work and provide care to a parent are more likely to have fair or poor health than those who do not provide care to their parents.
  • The total estimated accumulated lost wages, pension and Social Security benefits of these caregivers is nearly $3 trillion.
  • The total estimated individual cost impact of leaving the workforce because of caregiving responsibilities is $303,880 ($324,044 for women and $283,716 for men).
  • Working and non-working adult children are almost equally as likely to provide care to parents in need.

This is important information because family caregivers are also aging and need to plan and save for their own retirement.

To maintain your professional career while ensuring a loved one's safety, consider introducing non-medical home care services. The costs are most likely less than you imagine. 

If you are in need of compassionate, professional care for a parent or loved one, please contact us. We would love to discuss how we may help your situation and give you the peace of mind to return to your life and enjoy more meaningful time with loved ones.
 

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