Caregivers Spend More Than They Thought on Aging Family Members

A new, in-depth study of the costs of caregiving reveals that Americans spend far more to care for aging parents and spouses than was previously thought, according to an article in the New York Times. The telephone survey of 1,000 individuals, conducted by the National Alliance for Caregiving, was the first to take a detailed look at the many Americans who sacrifice savings, entertainment and even their own healthcare to care for aging family members.

The out-of-pocket cost of caring for an aging parent or spouse averages about $5,500 a year, according to the nation’s first in-depth study of such expenses, a sum that is more than double previous estimates and more than the average American household spends annually on health care and entertainment combined.

Family members responsible for ailing loved ones provide not only “hands on” care but often reach into their own pockets to pay for many other expenses of care recipients, including groceries, household goods, drugs, medical co-payments and transportation. That nudges the average cost of providing long-distance care to $8,728 a year."

To read the full article ("Study Finds Higher Costs for Caregivers of Elderly"), please click here.