Family Caregivers Lose $300,000 in Income Over Their Lifetime | Home Care Assistance Family Caregivers Lose $300,000 in Income Over Their Lifetime | Home Care Assistance
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Family Caregivers Lose $300,000 in Income Over Their Lifetime

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Despite the growth of assisted living services in recent years, family members sill provide about 90 percent of in-home care for the elderly.  These services are worth an estimated $450 billion nationwide and have a significant impact on caregivers’ health, both emotional and physical, as well as their finances.

Family caregivers’ who take on this job often do so at a cost of neglecting their own needs.  Many will eventually cut back hours at their jobs or quit them entirely to take care of a loved one.  This amounts to over $300,000 in lost income and benefits on average over their lifetime.

In 2009, over 42 million family caregivers provided daily care to an adult, averaging out to about 20 hours of care a week.  Vicki Schmall, Professor Emeritus of Gerontology at Oregon State University, says that most family caregivers don’t have the training or support network to
help them with their family member’s health conditions.  

Schmall advises that having an expert like a Geriatric Care Manager assess a family’s situation and make recommendations about the types of care available.  For example, hiring a bonded and insured caregiver from a reputable agency to provide respite care a few hours a week would give the family member a well deserved break.
 

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