Caregiving Tips for Boomers: 5 Tips for Decreasing the Cost of Caring for Elderly Parents
Over 30 million Baby Boomers provide countless hours of assistance to elderly parents at no charge. It is estimated that, using average hourly wages, the total amount of this uncompensated care is comparable to the entire Medicare budget. For the estimated 7 million Boomers who provide long distance care, actual out of pocket expenses amount to almost $5,000 per month. For caregivers who have, or are considering leaving the workforce to care for an ailing parent, the costs are even greater over $650,000 in forfeited salaries, benefits and pensions.
This stark economic reality shows only one dimension of the price caregivers pay for this act of love.
Caregivers pay with losses that extend well beyond their bank accounts. They often forego the activities that bring joy and richness to their lives, like meeting friends for dinner, or going out to the movies or taking family vacations. They pay with their time, the loss of professional opportunities and the erosion of personal relationships that result in isolation.
Sometimes, otherwise healthy loved ones need a...