AARP conducted a study in July and August 2016 of nearly 2000 family caregivers. Family caregivers whose loved ones had dementia had nearly $11,000 in out of pocket caregiving expenses (on an annual basis). Family caregivers whose loved ones don’t have dementia had half as much out of pocket expenses.
Here are a few excerpts from the Kaiser Health News (khn.org) article on the AARP study:
* “Among the expenses caregivers cover are relocation costs for a caregiver or recipient; renovating homes with safety features such as wheelchair ramps and bathroom grab bars; assuming a loved one’s mortgages and other household payments; buying specialized equipment including wheelchairs, scooters and beds; covering insurance premiums; and paying for home care aides or respite services.”
* “Costs vary depending on the recipient’s age, independence and relationship to the caregiver, according to AARP. For example, attending to someone older than 50 costs more than assisting someone between 18 and 49, and caring for spouses leads to more out-of-pocket expenses than caring for friends or relatives. Household expenses account for the largest share of personal costs — 41 percent.”
* “The demands lead to life adjustments for caregivers: 45 percent reported they stopped taking vacations and 45 percent said they ate out less often to compensate for their extra costs.”
* “Many sacrificed personal essentials as well: 19 percent scaled back on their own doctor visits, 18 percent bought fewer groceries and 5 percent spent less on their children’s education.”
* “Caregivers surveyed reported that the time and energy they devoted to the task also affected their work lives. Nearly 1 in 3 reported changing hours, almost 30 percent took paid time off and 22 percent took unpaid time off.”
Here’s a link to the full article:
khn.org/news/study-many-caregivers-spend-7k-annually-out-of-pocket/
Study: Many Caregivers Spend $7K Annually Out Of Pocket
By Rachel Bluth
Kaiser Health News
November 14, 2016
Robin