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Cost of caring for
Aging Parents could be next financial
crisis…63% of survey respondents don't have
a plan to pay for their aging parents' care
NAPLES, Fla., Aug. 26 /PRNewswire/ -- Many people find
themselves responsible for paying for the
care of their parents as they age. But
according to a just-released survey, these
adult children of aging parents, known as
family caregivers, are 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.s 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.
About AgingCare.com
AgingCare.com is a website and online forum
for people caring for their aging parents.
As the Facebook for caregivers,
www.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.
Quotes from caregivers
"I am unable to earn the income needed to
continue caring for both my parents and my
own family. I've not only given up my job,
but my dreams, for now. It is very lonely
and financially difficult. But I have to do
what is right."
"To be a full time caregiver, I had to
retire from my job. Although I was of
retirement age, I had not planned to retire
at age 64. I was a healthcare CEO for 27
years."
"I quit my job to take care of my mother. It
has been a financial hardship on me because
it is difficult to work and take care of
her."
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