Costs of home care for elderly is higher than previous estimates
Given problems with nursing home neglect and elder abuse which plague many facilities that provide care to the elderly, many families do whatever they can to help keep their aging relatives out of a nursing home. This not only requires “hands on” care and assistance, but also often requires significant financial assistance.
A new study conducted by the National Alliance for Caregiving, reviewed survey results of 1,000 adults who provide care to a loved one over the age of 50 who require assistance with activities of daily living, such as bathing, cooking, shopping and managing finances. According to the results, the financial burden averages about 10% of the household income and is more than twice the amount previously estimated.
This is the first in-depth survey of Americans providing care for older family members or friends. Paying for groceries, household goods, drugs, doctor visits, transportation and other needs can add up. The researchers estimate that a family caring for an elderly relative or friend spends about $5,500 a year, which often exceeds the amount they spend on their own household’s healthcare and entertainment combined. For those who provide long-distance care to elderly relatives who live outside of their home, the additional costs can bring the average up over $8,700.
It is estimated that 34 million Americans provide personal care for an older family member. These relatives sacrifice vacation time, personal time, time from their career and personal savings. According to the report, the most common expenses are household goods and food, transportation, medical payments and clothing. Over one third of the respondents surveyed indicated that they were dipping into personal savings, while many incurred debt or neglected their own personal care.
The number of Americans over the age of 65 is rapidly increasing. By 2030, estimates indicate that there will be 71 million people in the United States over 65, which is nearly twice the current number. The report from the National Alliance for Caregiving urges the government to provide tax deductions, tax credits or other stipends to families caring for their loved ones outside of a nursing home.
NURSING HOME LAWYERS
Carl Saiontz is a nursing home lawyer who investigates potential claims for neglect and abuse which occur at facilities nationwide. When a facility’s failure to provide proper care results in serious physical injury, a financial recovery may be available through a nursing home lawsuit. To review a potential claim, request a free claim evaluation.
