For primary family caregivers, the financial burden that is incurred when support is needed can be considerable. In terms of financial support, family caregivers provide 68% which comes out of their earnings to support the senior members of their families. This translates to about $180 billion in out-of-pocket expenses every year.
It is true that the percentage is far exceeded by the emotional (93%) and personal care (90%) that families provide for their senior loved ones. Still, the financial burden can be considerable and often changes how families pay for their own expenses by accounting for their parents or other elder members of the family that need financial assistance.
Financial Impact on Senior Caregivers
The 68% figure can be misleading to the extent that many pay out-of-pocket expenses that do not carry a substantial financial burden. This is because the senior may have their own income which provides for most of the expenses needed while smaller, less-burdensome needs are addressed with out-of-pocket money.
However, for many the financial impact is even greater because it affects their livelihood in ways that change what they otherwise would be doing for themselves. Roughly 41% of family caregivers have to reduce their hours or change their schedules to assist their loved ones. Nearly 10% have had to change their jobs in total while 13% have had to quit work.
Given the toll on the finances, it is important for caregivers to find every advantage possible in the care of their loved ones. The good news is that there is plenty of support available if you know where to look.
Tips
The first place to start is with professional assistance if you can afford it. Many families will hire an attorney who specializes in this type of service, but a less-expensive option may be a geriatric care manager, assuming you do not need any legal help. A geriatric care manager can be costly but, is a great solution for seniors who do not have special needs and depending on the insurance available the cost may be at least partially offset.
Thrift Stores: For equipment that your insurance company may not cover, search around for thrift stores, particularly those run by churches or religious organizations that provide you with a considerable discount. You may find that thrift stores can provide for a considerable amount of needs that help you maintain a solid budget.
Utility Company: This may sound surprising, but your utility company may be the right place to go if you have special equipment needs. Because the equipment may be impacting the electric bill, your utility company will probably have special programs and discounts that may offset the cost. Plus, if the power should go out for some reason, the utility company will place the home as a top priority to get it up and running.
Home Equity Conversion Mortgage:
Your parents may have equity in their home. Home equity is that part of a property that you truly own. In a Home Equity Conversion Mortgage, you trade this home equity for cash to support your financial needs.
For family caregivers, finding every economic advantage is crucial when taking care of loved ones in the home. By following some of the tips, you can save a considerable amount for the day to day needs of your loved one.
If you’re a family caregiver or know someone that is and would you like to learn more about Senior Providers Network Family Caregiver Plan? Click below. It’s available to the public…
