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According to the National Alliance of Caregiving and Evercare, a division of UnitedHealth Group, out of pocket expenses for a caregiver can be anywhere from $5,500 to $8,728 a year. A typical caregiver is a 46 year old female working out of the home. Men represent 40 percent of caregivers.
The National Alliance of Caregiving says that $659,000 per person is lost on pensions, Social Security benefits and lost wages. Workforce Week estimates that nine percent of the caregivers who were employed left the workplace as a result of their responsibilities; three percent took early retirement and six percent left work entirely.
According to the 2011 AARP Public Policy Institute report, in 2009, about 42.1 million family caregivers in the United States provided care to an adult with limitations in daily activities at any given point in time, and about 61.6 million provided care at some time during the year. The estimated economic value of their unpaid contributions was approximately $450 billion in 2009, up from an estimated $375 billion in 2007. Earlier estimates have shown steady growth in the economic value of family care from about $200 billion in 1996.
Of the $75 billion increase in estimated economic value between 2007 and 2009, 57 percent or about $43 billion was due to an increase in the number of family caregivers and hours of care (a 23 percent increase in the number of caregivers, and a 9 percent increase in the number of hours of care), and 43 percent or about $33 billion was due to an increase in the estimated economic value per hour from $10.10 in 2007 to $11.16 in 2009.
The MetLife Study of Caregiving Costs to Working Caregivers is another great report. Visit http://www.caregiving.org/wp-content/uploads/2011/06/mmi-caregiving-costs-working-caregivers.pdf
Many caregivers decrease their hours at work or quit their jobs when caring for a loved one. If this is the case, a single caregiver can lose up to $700,000 in “wage wealth” over a lifetime*. It is important to understand the care needs of your loved one and determine what the best approach to caregiving is.
*Met Life Study: Working Caregivers and Employer Health Care Costs (February 2010)
Important: This content reflects information from various individuals and organizations and may offer alternative or opposing points of view. It should not be used for medical advice, diagnosis or treatment. As always, you should consult with your healthcare provider about your specific health needs.