WASHINGTON — Caring for aging parents and family members can take a financial toll on those providing the assistance, according to a survey from Caring.com.
Roughly 40 percent of adults surveyed said they spend 30 hours or more a week caring for a loved one — nearly the equivalent of a full-time job. And about 23 percent of respondents said they have missed a week of work for care-giving duties. More than 15 percent reported missing more than two weeks of work.
About 40 percent said they spend at least $5,000 a year on expenses for their loved one’s care not covered by Medicare or other health coverage. But the cost of care is more likely to rise exponentially when caring for family members with dementia, the survey found.
Caring.com surveyed 2,767 family caregivers. The organization aims to support caregivers, more than half of whom also live with the person they are taking care of, the survey found.
“This is obviously a really significant impact on their lives,” Terry Sullivan, vice president of Caring.com, told CBS News.
He recommends that those providing such aid talk to their family about finances and eldercare and to plan for the future. “Without a plan in place, savings can be depleted and retirement delayed,” he said in a statement.
He said the data also suggest that the Family Medical Leave Act should be improved to better support caregivers.
A similar survey released earlier this month by The Associated Press found that nearly half of such caregivers perform medical care in addition to running errands and taking their loved ones to medical appointments. It found long-term care remains a major unmet need for government programs and private health insurance.
