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Family Caregivers Pay Dearly for Their Loved Ones
Newser • • business
Key Points:
- AARP survey reveals family caregivers spend an average of $11,508 annually from their own pockets, a 60% increase over five years, accounting for about a third of their income.
- Caregiving expenses, primarily for food, housing, and medical bills, have risen at more than twice the rate of overall inflation, intensifying financial strain.
- Many caregivers reduce work hours or leave jobs entirely, compounding economic challenges amid a growing population of approximately 63 million family caregivers.
- Some states provide tax credits, paid leave, or Medicaid support for caregivers, while Congress considers national tax breaks and Social Security protections, though potential Medicaid cuts threaten existing aid.
- Caregiver support is a significant political issue, with a majority of voters over 50 favoring candidates who back tax credits and home care assistance, potentially influencing midterm election outcomes.
