Approximately
66 million Americans serve as unpaid family caregivers. Not only do most
caregivers underestimate the physical and emotional challenges of caregiving,
the majority also fail to realize what a significant financial impact
caregiving will have on their families. While only 40 percent of
caregivers anticipate contributing to cover costs of caregiving, 83 percent
will end up doing so. Obviously this leaves most families unprepared for
the financial stress caregiving brings.
Caregiving Expenses on the Rise
According
to a study that researched the financial impact of family caregiving, the
out-of-pocket expenses for caring for an aging parent or spouse averages $5,531
each year. This number is more than double previous estimates and
is greater than the average American household spends on health care and
entertainment combined.
The financial study also revealed:
· 63 percent of caregivers experience a reduction of income, although only 38 percent expected such a loss.
· 74 percent of caregivers have either had to change jobs or are not working at all.
· 49 percent say their finances have gotten worse since becoming caregivers.
Many caregivers are forced to decrease their hours at work or turn down promotions in order to keep up with caregiving responsibilities. One study from 1999 discovered that each caregiver has the potential to lose more than $650,000 in wages, Social Security and pension. Such lost wages and missed opportunities result in smaller retirement funds and inability to finance home maintenance. Fortunately, home care systems make it possible for families to put a stop to financial strain.
The financial study also revealed:
· 63 percent of caregivers experience a reduction of income, although only 38 percent expected such a loss.
· 74 percent of caregivers have either had to change jobs or are not working at all.
· 49 percent say their finances have gotten worse since becoming caregivers.
Many caregivers are forced to decrease their hours at work or turn down promotions in order to keep up with caregiving responsibilities. One study from 1999 discovered that each caregiver has the potential to lose more than $650,000 in wages, Social Security and pension. Such lost wages and missed opportunities result in smaller retirement funds and inability to finance home maintenance. Fortunately, home care systems make it possible for families to put a stop to financial strain.
Home Care Eases Financial Burden
If
you are a family caregiver, you may feel as if you have no choice but to
continue on as you are. The truth is that you do have a choice.
Home care systems have
been designed with you in mind. ClearCare has developed the most
sophisticated home care system
in the industry and is more affordable than you may think.
Rather than dipping into your personal savings to cover costs, consider how home care can save you money. Countless family caregivers are integrating a dependable home care system into their lives and providing reliable care for their loved ones at a cost considerably less than paying out-of-pocket. Call ClearCare to find out how your family can save time and money today.
Rather than dipping into your personal savings to cover costs, consider how home care can save you money. Countless family caregivers are integrating a dependable home care system into their lives and providing reliable care for their loved ones at a cost considerably less than paying out-of-pocket. Call ClearCare to find out how your family can save time and money today.