Author Coach Home Care Agency Owner

Author Coach Home Care Agency Owner

The Hidden Costs of Caregiving

Jan 9, 2024 | Caregiver Health, Financial | 0 comments

Whether it’s for an adult child who has a serious injury or a parent who is aging, at some point or other we will all most likely become caregivers. Caregiving is often undertaken as an act of love but while the emotional rewards can be profound, it’s important to recognize it can also come with unexpected dollar costs. In this blog, I’ll shed light on the hidden costs that caregivers might not think about and should plan for.

Time Investment – The amount of time spent as a caregiver can be significant, causing some people to reduce work hours or quit all together. Loss of a paycheck can have a long-tasting impact on your financial stability.

Medical Expenses – Copayments, prescription costs and medical supplies can become expensive. With a recent stent of caring for a family member who had a knee replacement, we spent a lot of money on bandages, tape, and over the counter pain medication. If you are caring for someone with a chronic or complex condition the costs can really add up.

Transportation Costs – Fuel and parking fees can add up but so can Uber and Lyft if you need wheelchair modes of transport.

Home Modifications – Installing ramps and grab bars can be relatively inexpensive but I had to redo the floors in my home to accommodate my mother’s walker. Redoing my floors was expensive but well worth it and will be recouped when we decide to sell our home.

Lost Opportunities – Caregivers might miss out on career advancement opportunities due to an inability to work longer hours or travel. This could lower a caregiver’s future earnings.

Emotional and Physical Health – both of these will take a toll on every caregiver. Stress-related health issues may arise, necessitating additional medical attention and expenses for the caregiver.

Caregiver Support – Hiring paid caregivers to assist can cost quite a bit, but I highly recommend all caregivers get professional help. Even if you hire someone for a few hours a few times a week, the support will be a huge help.

While caregiving provides immeasurable emotional rewards, it is important to know that there are costs for both the caregiver and care receiver. Planning for the inevitable can help mitigate some of the costs. From replacing floors and installing grab bars to figuring out community resources, government programs, and financial advisors preparing yourself for the financial challenges you will face will ensure you and the person you are caring for have the highest quality of life.

About the Author

About the Author

Samantha Young Cervantes has over 30 years of eldercare experience including nursing facility and adult day care administration, teaching of long-term care administration, owner and operator of private duty home care agency, and family caregiver to both of her parents.

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