05 Jan Easing the Financial Strain
The statistics posted recently on US News.com say it all:
The growing number of Americans caring for their aging loved ones often face financial strain along with their daily caregiving responsibilities. A survey this year of 1,345 family caregivers by Caring.com found that 46 percent of caregivers spend more than $5,000 a year on related expenses. Those costs include medications, medical bills and in-home care. One-third of respondents said they spend 30-plus hours a week on caregiving and half said they had to change their work schedule to make room for those responsibilities.
Caregiving may not only lead to emotional but also financial burdens. It is wise to take measures to assess not only your mental strength but your financial strength as well. It is smart for families to sit down and talk through the economical factors that come right along with caring for a loved one.
But take heart! There are steps that can be taken to reduce financial strain when taking care of older adults. They are listed briefly below but you can read in more detail here.
1. Leverage community help.
2. Hire help for yourself.
3. Try to avoid quitting your job.
4. Check up on public benefits.
5. Investigate long-term care options.
And remember, ACCFamily is here to support you as you use your resources wisely – ultimately providing the care and support for your loved one so that you can manage your life and money in the best way possible.