Caregiving Costs rising in America

A study by Caring.com shows that nearly half of family caregivers are spending more money than they thought they would in order to look after their aging loved one. Caring.com CEO Andy Cohen says it includes out-of-pocket costs for medications, medical bills, in-home care, nursing homes and more. “Family caregivers are spending about $5,000 over a 5-10 year period, $5,000 per year on the low end, up to $50,000 a year if they are paying for their parents’ senior housing and so it is equivalent to second college tuition or more.” Cohen says their work may suffer, too. “We found in the study that 26% of the people were impacted in terms of their work where they had to reduce their hours or even leave their job to take care of their aging parent.” Cohen explains why the caregivers are assuming the expenses. “The population is aging and people are living longer, people are living into their 80s, 90s and 100s now are often running out of their own money and needing to rely on their kids for support.” To read the complete study on the rising cost of caregiving visit www.Caring.com.