Caregivers provide many services naturally and willingly to their loved ones to enhance their quality of life, from providing companionship and advocacy to dispensing medication, shopping, taking care of their personal needs, driving to doctors’ appointments and so much more.
We recognize that most caregivers give from their hearts and don’t add up all the costs involved for the support and care of their loved ones. If you placed a financial value on the number of hours caregivers spend each year on their loved ones in the United States, it would amount to nearly $470 billion, according to some recent studies. However, the costs probably go even further than that.
According to a Family Caregiving Report by AARP, 78 percent of caregivers pay out of their own pockets to provide care for their loved ones. On average, caregivers spend about $7,000 per year of their own money. Among those caregivers who pay out of pocket, 25 percent reduce their own retirement savings and 23% take on loans or added debt. This can have a dramatic effect on the caregivers’ finances, especially as one ages and gets closer to retirement. Yet the alternative, not providing the proper care for loved ones, especially those with disabilities or special needs, could be catastrophic.
If you became unable to provide care or die without planning for the continuation of services for your loved ones, their quality of life may suffer. Elder Law Associates PA’s experienced attorneys can help you establish comprehensive care plans where the funds for your loved ones’ care will not be at risk from estate taxes or the long-term costs of caregiving. Click here to see how we can assist caregivers with special needs planning and a variety of smart strategies. For more information or to schedule a consultation with one of our expert attorneys, call 1-800-ELDERLAW.