Caregiving Costs Rise 2x Inflation Rate

As inflation has risen in recent years, costs to caregivers has skyrocketed. A recent study from AARP (which is a socialist bastion for government handouts), finds family caregivers of the disabled, chronically ill, or elderly adults, personally spend an average $11,500 each year. That's about 60% more than five years ago – more than twice the rate of overall inflation.

The study says it adds up to 31% of a caregiver's income, on average, though my research suggests it’s closer to 22% of median income.

What's driving the costs? Mostly food, housing and medical expenses. The increase comes as family caregivers take on more care and medical responsibilities at home, according to Megan O'Reilly, vice-president of government affairs at AARP.

I’m not sure why AARP blames housing as home care is cheaper than other facilities. Even if one must add a room, it may still end up being cheaper depending on how long care will last.

Some caregivers may need to reduce working hours, or quit their regular job entirely, to care for those in need. Obviously, that’s not possible in a single-earner household. About half of all family caregivers say they've made major financial sacrifices.

Others work more hours, cut savings, or even draw down on money put away for retirement. While many would have you think that’s terrible, I would call it being responsible. It’s how things were always done prior to socialistic governments taxing your earnings and handing it over to someone who isn’t you… or your family. Of course, fifty years ago we didn’t have all the life-extending technology we have today.

About 63 million people now provide ongoing help for a family member or friend — roughly 1 in 4 adults. Good for them. It’s what we all should do rather than count on government handouts via theft of taxpayer dollars. The need will likely grow: An estimated 70 percent of the people turning 65 today will need some form of help as they age.

Medicare does not pay for routine help at home or in a facility, but Medicaid may. Forty hours of in-home caregiving can run $72,000+ per year, according Genworth. Skilled nursing costs in a facility can run $115,000 per year... for a shared room.

Family caregivers may be able to access public money, depending on where they live. All states pay some types of family caregivers through Medicaid. Some may be eligible for Veterans Administration benefits. Like Medicaid, the rules are complex, and many family caregivers find it necessary to hire advocates to advise on eligibility and application procedures.

Politicians keep coming up with ideas to help… all at taxpayer expense. They range from subsidies for simple things like grab bars and railings to Social Security retirement work credits even when caregivers temporarily aren’t working at their regular job. Some would force businesses to provide up to 12 weeks of paid leave – another reason for companies to resort to AI rather than workers.

Medical care has lots of reasons for why it's needed, but living healthier lifestyles would certainly put a significant dent in how much is required.

Source used: NPR

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