Tuesday, November 5, 2024
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New caregiver calculator shows families paying a high price in time and money to care for loved ones.


An AARP survey reveals that family caregivers in the U.S. provide $600 billion in unpaid services annually, causing financial strain and personal sacrifice. Amy Goyer’s experience caring for her aging parents highlights the challenges faced by many caregivers. A Harvard Business School report shows that 73% of American workers provide some form of caregiving at home. AARP estimates that family caregivers spend an average of $7,242 out of pocket each year, not including the value of their time.

To address these financial challenges, Salary.com and Otsuka Pharmaceuticals have introduced the Family Caregiver Calculator, which offers a clearer picture of the financial cost of caregiving. Shon Lowe, a caregiver for her mother with Alzheimer’s, used the tool and found the annual cost of care to be $270,103.

Recognizing the financial burden on caregivers, the RAISE Family Caregiving Council proposed solutions such as a federal tax credit for caregivers and expanding grant programs for states. AARP is advocating for the Credit for Caring Act, which would provide a tax credit of up to $5,000 to qualifying caregivers.

Without proper financial support, caregivers like Goyer warn that future generations will face the same financial struggles. Passing legislation to provide relief for family caregivers is essential to address the growing financial burden faced by families across the country.

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Photo credit www.cbsnews.com

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