Working Adults Suffer When Caregiving for Elderly
MetLife Mature Market Institute released a study about caregiving for elderly. Working adults who are also elder caregivers can suffer financially. The study found there are 10 million working caregivers who lose an estimated $3 trillion in lost wages and benefits if they’re forced to quit their job prematurely. The average caretaker loses $304,000. That amount doesn’t include the out-of-pocket expenses associated with caregiving. This could include travel, contributing to household expenses, and miscellaneous financial outlays.
Adults over 50 providing caregiving for elderly have tripled since 1994. In addition to reporting the results of the poll, the Institute provides tips for working adults who are elderly caregivers.
Research and consider all your options before deciding to leave your work to be a caretaker. Not only will it affect you income, but can also impact your Social Security benefits, 401K contributions and other savings.
Research public benefits. There may be community services that are available for a minimum cost. Programs can help with costs associated with prescription drugs, health care, utilities and other living expenses.
Understand Medicare and Medicaid. There are situations when someone enrolled in Medicare may also qualify for Medicaid, which will cover a wide range of medical and health care expenses.
Talk to a geriatric care manager. Geriatric care managers are trained to assist in the evaluation, and referral of care for the elderly. They may know of resources and have solutions you hadn’t considered.
You can find more information by accessing “The MetLife Study for Caregiving Costs to Working Caregivers.”