Family caregivers in the US are now spending an average of $11,508 a year out of their own pockets caring for disabled, chronically ill or elderly adults, according to a new study from AARP reported this week. That is roughly 60% more than five years ago, and works out at 31% of a caregiver’s income on average.
Caregiving costs (Credits: AARP)
The increase is more than twice the overall rate of inflation over the same period — 24% as measured by the federal Bureau of Labor Statistics’ Consumer Price Index — according to the reporting. In other words, the cost of caring for a loved one has risen far faster than the general cost of living.
AARP Caregiving Study: What Drives The $11,508 Annual Cost
The study, which surveyed 2,538 family caregivers, found that food, housing and medical expenses make up the biggest share of the spending. As the reporting puts it, it is just the basics: the everyday costs of keeping someone fed, housed and cared for, rather than luxuries or one-off purchases.
AARP’s Megan O’Reilly, vice president of governmental affairs, is quoted as saying that the more care that is needed, the more it costs — a dynamic that hits hardest as caregivers take on more care and more complicated medical responsibilities at home.
Caregiving Costs And Lost Income: The Double Hit
The out-of-pocket spending is only part of the story. The study also finds that the demands of caregiving often require people to reduce their working hours or quit work entirely — a double hit of rising costs on top of lost income.
The findings land at a moment when caregiving is becoming a major political issue too. Separate AARP survey reporting this week found that voters aged 50 and older in competitive districts said they would be more likely to support candidates backing tax credits for unpaid family caregivers. For the millions of families involved, the study puts a stark number on a burden that is usually counted in hours, not dollars.
This article reports the study’s findings only and is not financial or medical advice.
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Source: MarketWatch — read the full story there.