Many people care for a loved one out of necessity as their family members can’t care for themselves. Family caregivers often help with a wide range of household chores, social and companion needs, and managing finances.
They are often the bridge between Medicare or Medicaid services, and many learn medical and nursing tasks to better care for their family member.
“When looking at caregivers for adults only, the prevalence of caregiving has risen from 16.6 percent in 2015 to 19.2 percent in 2020—an increase of over 8 million adults providing care to a family member or friend age 18 or older, primarily driven by a significant increase in the prevalence of caring for a family member or friend who is age 50 or older.”—AARP,Caregiving in the U.S. 2020.
Care recipients suffer from a wide range of conditions, with half having a permanent one. The five most common conditions are arthritis, dementia/Alzheimer’s disease, high blood pressure, diabetes, depression, and anxiety.
Family caregivers help with a wide range of household chores, social and companion needs, and managing finances. They are also the bridge between Medicare or Medicaid services, and many learn medical and nursing tasks from professionals to better care for their loved ones. Where does that leave family caregivers when it comes to employee benefits and saving for retirement? Many caregivers still try to maintain full-time employment or have had to adjust their hours to part-time or leave their jobs to provide care. This reality creates unexpected financial circumstances when it comes to financial planning. What are some ways caregivers and their families can financially prepare?
In conclusion, if you are considering becoming a caregiver or already are caring for someone else, contact your financial professional to help you plan for this next phase of your life.
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