written by Janice Williams
I’m just sitting here thinking about how much I spent on gas today. I can remember how, in my teens, gas was consistently around a dollar and change. You could fill up your tank for 10 or 15 dollars! Wow, have things changed.
Everywhere you look, you see the weight and reality of inflation. Nothing costs the same -, especially for families. This is a real problem for working Americans and also family caregivers. According to an article put out by AARP in November 2016, the average out of pocket spending related to caregiving is around $7,000 a year – which could be nearly 20% of an individual income.
Imagine spending 20% of an income that may already be strained due to other primary responsibilities. Many family caregivers retire early or even quit their jobs to make sure their loved one is taken care of each day.
The types of things a caregiver may spend out of pocket for include: medication, excessive travel back and forth to doctor visits, medical supplies, such as diapers, or equipment like assessable chairs ,increased premiums because of extra tests or needing to see specialists special diets, healthier foods, or supplements.
With most insurance plans, many things that are essentials may not be covered at all, or not fully covered. It can be very overwhelming for a family caregiver to have to juggle finances, especially for things that you never thought you would have to pay for. Many of us are not prepared to care financially.
There are two things I want you to do this year:
1. Seek out financial help from a professional to help you navigate, plan, and answer questions about caring for your loved one.
2. Start planning now for your own care! As a family caregiver, it is vital for us not to repeat the cycle.
Give your family a fighting chance – start strategizing today for how you will plan to pay for your own care.
To learn more, register for this year’s
Caregivers Financial Summit at caregiversrespite.com/events
Be sure to check back soon for more blogs about financial planning for caregivers.