Cost of Caring for Aging Parents is Looming
Financial Crisis for Many Adult Children
63% of survey respondents don't have a plan to pay
for their aging parents' care
Aug. 26, 2008 – Many people find themselves
responsible for paying for the care of their parents in old age. The
parents did not plan it that way and the children did not see it coming.
According to a just-released survey, these adult children of aging
parents have found themselves vastly unprepared.
The survey found:
● 63% of caregivers have no plan as to how they
will pay for their parents' care over the next five years.
● 62% say the cost of caring for a parent has
impacted their ability to plan for their own financial future.
"With an estimated 34 million Americans providing
care for older family members, the survey's results indicate a financial
crisis in the making," says Joe Buckheit, Publisher of AgingCare, a
website and online forum for family caregivers.
"Medicare only covers long-term care for a short
time, and only under strict rules. Medi-gap insurance helps, but does
not cover all costs. The burden of paying for long-term care often rests
with the family," Buckheit says.
"The caregivers' lack of planning is impacting
their own financial future."
Long-term care costs are not the only expenses
caregivers bear.
"Family members responsible for ailing loved ones
provide not only hands-on care but often reach into their own pockets to
pay for many daily expenses, including groceries, household goods,
drugs, medical co-payments and transportation," says Buckheit.
"Americans who are already strapped for cash by the
rising price of gas and food are unable to afford these additional
expenses."
The survey found:
● 34% spend $300 or more per month out of
their own pocket for caregiving expenses.
● 54% have sacrificed spending money on
themselves to pay for care of their parents.
Work Issues
Making matters worse, caring for aging parents
often impacts adult children at their workplace as well. The survey
found:
● 43% have had to take time off work due to
caregiving responsibilities.
● 48% say they are earning less money at work
as a result of caregiving.
● 25% have been fired or had to quit their job
as a result of caregiving.
Physical and Emotional Toll
Despite potentially making less money and doling
out more, more than half of the caregivers surveyed are spending what
equates to a full-time work week ● 40 hours or more ● on
caregiving duties ● many in addition to their full-time careers
outside the home.
● 53% of caregivers provide care 40 or more
hours per week.
● 37% provide care more than 80 hours per
week.
● 21% say they never get a break from
caregiving.
● 36% get a break of 5 hours or less a week.
The survey indicates that today's caregivers face a
triple financial threat: unplanned-for caregiving expenses, less money
for their own needs and reduced time in the workplace.
Source: AgingCare.com
AgingCare.com is a website and online forum for
people caring for their aging parents. As the Facebook for caregivers,
AgingCare.com lets those caring for aging parents communicate with each
other, get answers from elder care experts and access news, information
and products related to caregiving. For more information, visit
www.agingcare.com or call 239-594-3200.
Nursing Home Abuse, Medical Malpractice? Contact a lawyer.
click here
Keep up with the latest news for senior citizens, baby
boomers
Aug. 26, 2008 – Many people find themselves
responsible for paying for the care of their parents in old age. The
parents did not plan it that way and the children did not see it coming.
According to a just-released survey, these adult children of aging
parents have found themselves vastly unprepared. 