AARP recently released a report on the financial impact of caregiving, highlighting the need for extra support for family caregivers. According to the report, 78% of caregivers have out-of-pocket expenses related to their caregiving, with an average cost of $7,242.
This information won’t come as a surprise to anyone who is actively caring for a loved one, as there are a number of costs involved that aren’t directly covered by insurance. Regardless, $7,242 is a significant amount of money and represents a very real financial strain for many family caregivers.
What do family caregivers spend money on?
According to the report, there are a number of common expenses family caregivers experience.
Rent or mortgage made up 30% of the necessary expenses. This could be completely or partially covering the rent/mortgage of a loved one living on their own or the cost of moving to a larger space to accommodate an extra person in the household.
Home modifications account for 21% of household expenses. These are things like bathroom modifications for safety, entrance ramps, or stairlifts.
Medical costs are the next highest category, with 17% of expenses being direct payments to medical providers, hospitals, medical equipment, and in-home care.
The more time caregivers invest, the more they spend
One of the most interesting facts of the report is that caregivers who spend more than ten hours per week providing care also incurred a higher-than-average out-of-pocket cost. These caregivers spend $8,384 per year on average, over $1,000 more than the average caregiver.
This additional cost is compounded when caregivers have to adjust their work schedule to accommodate their caregiving schedule. Caregivers who report two or more work-related strains spend $10,525 per year on average. These strains are defined as having to take paid or unpaid time off, changing work schedules, or changing jobs altogether.
Giving caregivers time = giving caregivers money
At Connected Caregiver, we understand that giving caregivers back time in their day literally translates into money saved and less stress. When caregivers can monitor their loved one’s health remotely, they don’t have to spend as much time traveling and getting that information firsthand.
Remote health monitoring gives caregivers hours back in their day, which lets them focus on other needs in their life and reduces the need to change their schedule to accommodate their caregiving duties. It also gives their loved ones more autonomy, with less supervision from caregivers.
Caregiving can be expensive, but with the right tools and support we can make it a little more affordable.
Click below to read the full AARP report.