The Financial Cost of Caregiving

by Audrey Miller on April 26, 2011

in Articles & Blogs by Audrey, Caregiving, Estate Planning

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By: Audrey Miller MSW, RSW, CCRC, CCLCP
CARP April 26, 2011

As the issue of caregiving is now getting election coverage, the costs of caregiving need to be better understood. These include tangible costs such as financial expenses and loss of income, as well as “soft” costs, such as emotional challenges and loss of opportunity faced by families pressed into service to care for an elderly family member. For those families who decide to purchase care, this article will review the financial cost of hiring a caregiver.

Given the high cost of purchased care, more and more family members are taking on the caregiving role for their elders. While the various political parties are discussing caregiver allowances and caregiving tax benefits, the onus of care (both physical and financial) will remain on the shoulders of the family.

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