With life expectancy increasing, so is the need of care giving.   Informal family care giving accounts for approximately $306 billion annually.  Family care giving is the single biggest factor in keeping a person out of a nursing home.  In the "olden" days, when women did not work outside the home, care giving was the norm. Today, families are smaller, more dispersed and need two incomes to support a household.  Statistically, there are fewer care givers for elders than any time in our history.

 

In addition to the emotional, physical and psychological toll of care giving, there is a true and direct financial toll.  Caregivers tend to be less healthy and spend more on health care for themselves than their non care giving counterparts.  Caregiving leads to early retirements, cutting down on hours, absenteeism, failure to do one's job properly,  lost wages, job termination and eventual reduction in pension and Social Security Benefits.  Women who are caregivers are 2.5 times more likely to live in poverty during retirement.

 

If we are not a care giver our self we know one.  Give any help and support you can.  But with regard to finances, encourage caregivers to do financial and long term care planning for themselves and their loved one.  Make sure they tap into all public benefit programs available.  Can Mom go to adult day care while daughter works?  Is Dad eligible for VA benefits?  Is Aunt Sue eligible for a part time aid from Medicaid benefits?  Should we take a look at housing options?

 

I am and have been blessed to be a caregiver to both my deceased in laws and now my very elderly parents.  I am also blessed to be aware of all the options available to reduce the financial strains.  Please don't hesitate to call our office or forward this to a care giver in need.