Cost of Family Caregiving
Cost of Caregiving Is Double Prior Estimates
The out-of-pocket cost of caring for an aging parent or spouse averages $5,531 a year, according to the nation's first in-depth study of such expenses, a sum that is more than double previous estimates and more than the average American household spends each year on health care and entertainment combined. In November 2007, the National Alliance for Caregiving released its study, "The Evercare Study of Family Caregivers—What They Spend, What They Sacrifice."
The Evercare/NAC study found that as many as 17 million people, or 51% of the 34 million that a 2004 NAC/AARP survey found, care for a loved one 50 years or older, and on average spend more than 10% of their annual income on caregiving expenses. The Evercare/NAC Study also showed that the most common expenses were household goods, food, and meals. One-third of the respondents said that they have dipped into their own savings to help with care.
The full study is available from the following source:
The National Alliance for Caregiving
4720 Montgomery Lane, Suite 205
Bethesda, MD 20814