Unpaid care is worth billions
In 2019 unpaid care workers provided 37 billion hours of care. That’s a value of $470 billion dollars. Caretakers with full time jobs lose an average of $15,000 a year due to the demands of dementia care. And 70% of caregivers suffered work-related difficulties due to their caregiving duties.
AARP’s own, Amy Goyer, realized recently that being a caregiving expert doesn’t make her immune to the costs and consequences of being a care provider. She’s written caregiving pieces for The New York Times and The Washington Post, and she’s been featured on NBC and Good Morning America. Yet, after she spent more than ten years caring for her own parents, she had to file bankruptcy in 2019. Goyer doesn’t regret caring for her family in their time of need, but she does want others to realize the true cost of care. She says people are living longer, but with chronic health issues, and that her parents had planned for their future, but hadn’t predicted their high long term care costs.
Unexpected Expenses add up
If a parent moves into your home, you may not be prepared for all the changes, and the cost of most of those changes. Your utilities will go up, more than you’d expect. Your home will become busier, and less private. Nurses, bath attendants, family, friends, and neighbors will stop by for visits. There will be wear and tear on your home. Our houses aren’t built with facility carpeting and industrial molding. Expect a few dings. A formerly modest parent may have to say goodbye to their privacy, and you may have to help with things you hadn’t planned on.
“In 2019 unpaid care workers provided 37 billion hours of care. That’s a value of $470 billion dollars.”
My grandma has had some level of care now for a few years. Slowly her saving has dwindled. She started with a part time caretaker who would do small chores and make sure she didn’t fall while bathing and has now moved into an assisted living facility. She is 89 years old currently, and maybe, hopefully eligible for Medicaid. If not, her three daughters and five grandchildren have agreed to kick in the difference for the price of her $6,000+ a month care facility. And she’s not even in a fancy facility.
How to afford a caretaker
Being prepared for some of these caregiving things may hopefully make your experience a bit easier. At LTC Consumer we help families prepare for their post retirement years. We create a plan so that your family and friends can enjoy their time with you, while someone else does the caretaking. Request a quote and let our team of specialists help you and your loved ones today.