Caring for the caregiver
Your well-being is important, too
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Costs of caregiving
The Family Caregiver Alliance, on its Caregiver.org website, lists nine questions to ask yourself and other family members about the financial aspects of becoming a caregiver. They include: How will you pay your own rent/mortgage if you’re moving in to care for somebody? How will you be reimbursed for added expenses of caregiving? What happens if the person you’re caring for runs out of money?
Those questions and the others are valuable because, according to AARP, 45% of caregivers experience at least one of the following five financial impacts: ⁃
- Stopped saving money
- Took on more debt
- Used up personal short-term savings
- Left bills unpaid/paid bills late
- Borrowed money from family or friends
In addition, your time is an important commodity. Six out of 10 caregivers said they worked full time in addition to providing care, according to AARP. Meanwhile, more than 30% spend 21 or more hours a week on caregiving duties. “That’s a part-time job,” Goyer said. “If you’re already working, now you’ve got two jobs.”
AARP encourages caregivers who work to meet with their supervisor and human resources department to discuss resources that are available to help, such as flexible work options, counseling support services, paid time off or family leave, or elder care referrals.
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