Caregiving And Family Economics

Approximately 66 million Americans serve as unpaid family caregivers

. Not only do most caregivers underestimate the physical and emotional challenges of caregiving, the majority also fail to realize what a significant financial impact caregiving will have on their families. While only 40 percent of caregivers anticipate contributing to cover costs of caregiving, 83 percent will end up doing so. Obviously this leaves most families unprepared for the financial stress caregiving brings.

Caregiving Expenses on the Rise

According to a study that researched the financial impact of family caregiving, the out-of-pocket expenses for caring for an aging parent or spouse averages $5,531 each year. This number is more than double previous estimates and is greater than the average American household spends on health care and entertainment combined.

The financial study also revealed:

63 percent of caregivers experience a reduction of income, although only 38 percent expected such a loss.

74 percent of caregivers have either had to change jobs or are not working at all.

49 percent say their finances have gotten worse since becoming caregivers.

Many caregivers are forced to decrease their hours at work or turn down promotions in order to keep up with caregiving responsibilities. One study from 1999 discovered that each caregiver has the potential to lose more than $650,000 in wages, Social Security and pension. Such lost wages and missed opportunities result in smaller retirement funds and inability to finance home maintenance. Fortunately, home care systems make it possible for families to put a stop to financial strain.

Home Care Eases Financial Burden

If you are a family caregiver, you may feel as if you have no choice but to continue on as you are. The truth is that you do have a choice. Home care systems have been designed with you in mind. ClearCare has developed the most sophisticated home care system in the industry and is more affordable than you may think.

Rather than dipping into your personal savings to cover costs, consider how home care can save you money. Countless family caregivers are integrating a dependable home care system into their lives and providing reliable care for their loved ones at a cost considerably less than paying out-of-pocket. Call ClearCare to find out how your family can save time and money today.

by: Anny Brown

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