People who care for an elderly parent or other loved one face soaring costs

Key Points:

• AARP's recent study reveals that caregivers for aging relatives now spend an average of over $11,500 annually on out-of-pocket expenses, marking a 60% increase since 2021, with lower-income households disproportionately affected.
• Wendy Mayo and her siblings collectively spend about $45,000 yearly to care for their mother with Alzheimer's, covering professional caregiving, rent, home adaptations, and monitoring equipment.
• The largest caregiving expenses are housing and household costs, averaging nearly $4,800 per year, followed by healthcare-related costs such as insurance premiums, copayments, and medical supplies.
• Caregiving responsibilities significantly impact caregivers' financial security and employment, with nearly two-thirds of working caregivers reporting work-life disruptions, including reduced hours or quitting jobs.
• Besides financial strain, caregivers devote substantial unpaid time managing healthcare logistics, which further complicates balancing work and caregiving duties.