Financial burden of caregiving

Posted by Scott, Volunteer Mentor @IndianaScott, Sep 28, 2017

I recently read a report compiled by the Genworth Financial Corporation. I have no relationship with them of any kind, I just learned of a survey they recently completed on costs of caregiving. They looked at 2016 costs and just released this report in July, 2017. While we all know the burdens caregiving can place on us personally, this company seems to have done a good job of quantifying these costs in one place, based on surveying some 15,000 provider companies, and putting it online. You can access the survey at this link: https://www.genworth.com/about-us/industry-expertise/cost-of-care.html If you go to the site you can put your own state in and get the information for your state easily, without having to register or anything.

I looked at my state just as an example and the costs were surprising, even to me, who has struggled with this for many years! Average annual cost for homemaker services was $45,760. Annual cost for a home health aide an additional $47,956 (for only 42 hours a week). Adult day healthcare services add in an additional $22,100. Semi-private nursing facility averaged a cost of $80,300 a year. A private room runs just under $100,000.

These costs are rising between 2% and 6% a year, based on how they have increased over the past five years.

It would also appear to me this survey doesn't account for the value/cost of all the services provided by family and other 'free' (I use the word loosely) caregiving provided. Across the country home health aide services rose the most -- at 6% to an average of $21.50 per hour.

Two things struck me. The incredible costs most families are confronting with caregiving --- and the amazing value of the services provided by spouse/family caregivers. One homemaker and one home health aide and a family is looking at $93,716 -- a year.

No wonder so many of us caregivers feel under such intense stress. I wish I would have had these statistics handy when so many people would simply look at me and say 'take care of yourself and get some help'. I could have replied "Good idea! Can you spare me $93,716?" 🙂

Strength, courage, & peace to all caregivers!

Interested in more discussions like this? Go to the Caregivers Support Group.

Harriet Hodgson | @harriethodgson1 | Sep 28, 2017

After being hospitalized for eight months, my husband was released to my care. We hired paid caregivers to come in for four hours a day, two in the morning, two in the evening. This system worked well for several months. Then we realized we were paying $50,000 a year out of pocket, not including paying for medical supplies. We discontinued the evening care slot, and I took over these duties. We also switched to a slightly cheaper caregiving agency. Now we're paying $24,000 a year out of pocket for 14 hours of care a week, 52 days a year. I'm trying to cut living costs in other ways.