In A Boomer’s Guide to Long-term Care, I discussed the plight of unpaid caregivers and long term care cost. According to a 2006 Urban Institute report:
- About three-quarters of frail, older people receiving assistance outside of a nursing home rely on unpaid caregivers.
- Unpaid caregivers provide an average of 201 hours per month to help with personal activities and household chores.
- Nine out of ten married, frail Americans receive help from their spouse. One out of three of these caregiver-spouses have health problems themselves.
- More than half of the elderly who need assistance are unmarried and receive help from their daughters.
- Over half of adult children helping their frail parents are employed.
With each generation this is becoming more and more difficult – and stressful – for families who are trying to balance personal responsibilities with work demands. These caregivers may feel isolated from their friends and overwhelmed by their responsibilities. The result can be high stress levels, depression, and physical ailments.
Now a just-released report from Genworth revealed additional impacts, financially and emotionally, that providing long term care can have on unpaid caregivers. Plus it provides insights on ways to mitigate those impacts by planning for what may lie ahead. Click here to read The Expanding Circle of Care, Beyond Dollars 2015.