How Much is Caregiving Costing Your Family?
The Value of Caregiving
Family caregivers provide $470 billion worth of care each year (AARP Public Policy Institute. Valuing the Invaluable: 2015 Update.). That’s more than 40 million caregivers providing unpaid services worth more than the entire annual Medicaid budget. So, clearly our elders and our society benefits from family caregiving.
Caregiving Costs: Expenses and Affects on Career
Caregivers are spending an average of $6,954 out-of-pocket on caregiving costs (AARP, 2016). Dementia caregivers reported out-of-pocket caregiving costs of $10,697. Long-distance family caregivers had the highest caregiving costs at $11,923.
Opportunity costs play a much larger role. Family caregivers frequently have to leave their jobs, reduce their hours, turn down promotions, miss work time, or retire early. MetLife found that the average caregiver’s lost wages are $143,000. When taking into account lost pension, SS and other benefits the cost impact of caregiving for a female caregiver averages $324,044.
Emotional and Physical Costs
Caregiving stress can affect relationships, health and wellbeing. Caregivers are less likely to engage in preventative health behaviors. Studies consistently report higher levels of depressive symptoms and mental health problems among caregivers. Caregivers drink and use other substances at higher levels. They also suffer from increased rates of physical ailments, increased tendency to develop serious illness, and have high levels of obesity and bodily pain.
Caregivers therefore incur higher healthcare costs and other expenses related to health issues and disability.
