Care Provided by Friends & Family
If the services provided by informal caregivers (e.g. family, friends, neighbors) were replaced with paid services, it would cost $196 billion annually. (1)
Some 52 million Americans provide care for a disabled or sick family member. (1)
The majority of caregivers provide unpaid assistance for one to four years; 20 percent provide care for five years or more. (1)
Although most caregivers bear their burden with love, many report enormous stress, feelings of guilt or inadequacy, depression and even physical ailments as a result of their care giving.
Women as caregivers
Approximately 75 percent of those providing assistance to aging or disabled family members and friends are female. (1) Many women are caring for children under age 18 and aging family members simultaneously.
They have become part of the emerging "sandwich generation" of caregivers. Caring for an aging parent as well as two lively teenagers while managing a household and a full-time job can be a potentially exhausting situation! Whether you are a wife, mother, daughter, sister, niece, or friend, your dual care giving situation can take a toll on your own emotions and your physical health.
The financial implications
Providing Long Term Care may also have a substantial impact on your finances. The most obvious is the loss of work time and wages, as well as missed business opportunities and employment. Two-thirds of caregivers report having to rearrange their work schedule, decrease their hours or take an unpaid leave in order to meet their care giving responsibilities. (1)
You may also incur additional costs for special medical equipment or for home modifications such as a wheelchair ramp. Care giving can affect your earnings, your productivity, and ultimately your quality of life.
Changing demographics
Another reason for the recent public focus on Long Term Care is the changes impacting families. Years ago, most elderly people depended on their family to care for them as they aged. Family members lived close by or even under the same roof.
Today, many women are in the work force, children have moved away and divorce rates now approach 50 percent. All of these factors contribute to the inability of families to meet the needs of their aging parents. Thus the elderly must rely on professional assistance, which comes at a cost.
1. "Fact Sheet: Selected Caregiver Statistics," Family Caregiver Alliance, 2001, www.caregiver.org.
