As baby boomers in north Texas continue to grow older, the demand for family caregivers is climbing. These informal caregivers are most often spouses and adult children. But as more and more families are scattered across the country, it isn’t uncommon to find neighbors, friends, grandchildren, and even clergy members taking a more active role in caregiving.
In taking on the role of caregiver, loved ones often discover there are hidden costs for providing senior care they weren’t expecting. It can take a real bite out of the caregiver’s personal finances.
So what are the true costs of caring for a senior loved one?
From direct care expenses to lost wages, here’s what you should consider before assuming the role.
3 Types of Caregiving Expenses
- Direct care costs: Most people are anticipating some of these expenses when they assume the role of caregiver. But the amount can add up quickly. Gas and other transportation-related expenses are often the most obvious, as are the costs of prescriptions and medical supplies.If your senior loved one moves in with you, you should expect out-of-pocket caregiving expenses to average about $5,000 each year. If you are a long-distance caregiver, the costs can be significantly higher based on what type of transportation you need and how often you need to visit.
- Lost wages and opportunity: Almost 50% of family caregivers say they’ve lost a job or missed out on a promotion because of their caregiving responsibilities. 37% have had to give up their job entirely or cut back on hours. Those lost wages and benefits add up quickly. In fact, researchers found when a family caregiver leaves their job for the four years most caregiving duties last, it equates to a loss of $116,000 in wages alone. Added to that are the benefits such as pensions and affordable health care.
- Caregiver health care expenses: It is fairly common for people who assume the role of family caregiver to experience health problems of their own. Illnesses ranging from back problems to high blood pressure are more common in caregivers than their non-caregiving peers. Depending upon your personal health plan, you may find yourself spending thousands of dollars on deductibles and co-pays to cover your own care.
The bottom line is to be certain you are considering all the costs when you are debating whether you should move a senior loved one to a Dallas or Fort Worth area residential care home or assisted living or try to care for them at home. You might just be surprised at the true cost of aging in place at home.
Senior Living Specialists is a free service for seniors and their families. We are compensated by a referral fee when a senior moves into a community or care home. Feel free to call us at at 214-929-5055.
