Having a family member act as a caregiver for a senior loved one may save the family the cost of professional home care, but there are many other costs that add up quickly, both financial and otherwise.

In the United States, family caregivers are numerous. In 2021, about 48 million individuals served as family caregivers for an aging relative. Costs begin to mount as they provide care with the activities of daily living, such as grocery shopping, meal preparation, and transportation to doctors’ offices.

How much do family caregivers spend on caregiving?

While looking after a senior, family caregivers routinely pay for expenses out of pocket. The costs can quickly add up, totaling $7,242 on average over the course of a year of caregiving. Family caregivers spend over one-quarter of their income on caregiving tasks.

Examples of expenses family caregivers incur include groceries, clothing, and personal care items, like incontinence products. They pay for the senior’s prescription drugs and medical supplies. The older adult may need a hearing aid or a wheelchair, which the caregiver must pay for.

Half of all family caregivers dig into their own pockets to pay for household expenses. About 30 percent of family caregivers spend their own money to cover rent or mortgage for an aging loved one, and 21 percent use financing to make modifications to the senior’s home.

Caregivers spend 17 percent of their income to pay for an elderly care recipient’s healthcare-related costs, including therapists, in-home care, medical equipment, and general healthcare. Only a very small percentage, about 5 percent, report having zero expenses related to caregiving.

What are the hidden costs of caregiving?

Family caregivers are slapped with hidden costs as they provide care for a senior. They may be forced to retire early, work less hours, or leave their jobs entirely in order to make time to care for the aging individual. They experience work-related consequences, some of which are irreversible.

Caregivers who leave the workforce find it difficult to reenter at a later point in time. Health insurance benefits and retirement savings are often lost. If they don’t leave their job entirely, these workers may see the need to take an extended leave without pay.

Stress and burnout are almost inevitable outcomes of providing ongoing care to an elderly person. Approximately 40 percent of family caregivers report that caregiving responsibilities are highly stressful. As a result of the stress, depression can become a mental health concern.

Caregiving is physically demanding, too. A rise in blood pressure and the increased risk of developing a chronic condition can occur as a result of the demands of the role. The family caregiver who’s lost health insurance must face a new obstacle: personal medical expenses.

Home modifications are made to protect the senior at home. Family caregivers use funds to pay for grab bars in the bathroom or chair lifts. When caring for a dementia patient, safety locks on doors and alarm systems must be installed. Caregivers also pay for technology, like GPS tracking devices.

If the family caregiver works during the day, someone must provide care to the senior during that time. Adult day care is an option for families, but they must pay for the eight hours per day to give seniors continual monitoring, as well as activities, meals, and opportunities to socialize.

How do caregivers pay caregiving expenses?

Paying for all of the above can reduce a family caregiver’s savings. In fact, 22 percent of these individuals use all of their short-term savings, and 12 percent report exhausting all of their long-term savings while providing care to an aging loved one.

In order to cover their ongoing expenses, family caregivers may resort to borrowing money from family and friends. Some of their bills go unpaid or their credit card debt increases. Family caregivers may even sell their possessions to raise funds to pay for necessities.

It is not uncommon for family caregivers to sell a home or downsize to a smaller one to meet their financial obligations. Pension benefits are reduced for caregivers who leave the workforce; similarly, social security benefits can plummet once the caregiver stops working.

Providing ongoing care to an elderly individual is costly. But advanced preparation can offset some of the financial struggles and ensure the senior receives fulfilling care. Discuss finances with family members and establish a power of attorney for the senior.

Prevent costly hospital visits by investing in life-saving technology, such as home alert systems and wearable safety alarms. Purchase a smartphone to conduct telehealth visits with the senior’s doctors, which reduces transportation costs. Working caregivers can consider paid family leave.

Serving as a dedicated family caregiver is costly. Families should prepare for care to better manage finances and reduce caregiver burnout. Advanced planning should include the home care services from Assisting Hands Home Care. We serve the daily needs of seniors in the comfort of home.

Our respite services are invaluable to family caregivers who deserve a break from their routine. Professional caregivers arrive and resume care where the family caregiver left off. We ensure the senior is comfortable, safe, and experiences physical, emotional, and social health.

Responsibilities undertaken by our respite caregivers include help with personal hygiene tasks, meal preparation, grocery shopping, transportation, medication reminders, and light housekeeping. Our caregivers socialize with seniors via puzzles, games, and conversations to keep them engaged, mentally stimulated, and active.

Respite care affords family caregivers relief from nonstop caregiving duties. The family member can enjoy shopping, a vacation, or a visit with friends while knowing the senior is in the hands of a reliable professional. Family caregivers return to caregiving feeling refreshed and able to provide better care.

Families that are committed to full-time care are encouraged to utilize respite care from Assisting Hands Home Care. We serve BallenIsles,  Boynton Beach, Jupiter, Palm Beach, Palm Beach Gardens, North Palm Beach, Royal Palm Beach, Singer Island, Wellington, West Palm Beach, FL, and the surrounding areas. Schedule a complimentary in-home consult and we can dispatch a caregiver within 24 hours. Call us today at (561) 566-5989.