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After spending decades as a child of your parents, becoming a caretaker for moms and dads can be a reversal of an unpleasant role.
However, for an estimated 42 million Americans, providing relative care for parents or other adults over the age of 50 is a daily reality. Recent studies from seniors It focused on the fatigue of American caregivers in the midst of a pandemic. Some caregivers (so-called sandwich generation caregivers) tend to be both children and parents and therefore feel pressure from both sides.
Marlena del Hierro, Senior Vice President of Partnerships, said:
Over the last six years, the percentage of family caregivers who say they are in good or poor health has jumped from 12% to 21%, according to seniors. And 23% say that becoming a caregiver has sacrificed their health.
There is a 70% chance Today’s 65-year-olds will need some form of long-term care, commonly defined as support for activities of daily living.
The cost of such care can be exorbitant. For example, you can spend over $ 100,000 a year in a semi-private room in a nursing home. According to Genworth.. For assistance in your home, the median annual health assistant is $ 61,776 and the housewife service is $ 59,484.
For individuals who lack either Insurance or assets Responsibility often lies with the adult child to cover the full cost of care.
Caregivers, 60% of whom work full-time, will often bear at least part of the associated costs of providing care. The average annual out-of-pocket cost for caregivers is 26% of household income, which is as high as 47% for Latin Americans and 34% for blacks. According to AARP..
In addition, much of what caregivers do for older parents is not directly related to personal or medical care. This includes financial, household and transportation management.
If it’s time to take care of another adult because of an illness, disability, or age-related illness, it’s worth doing what you can to prepare for it.
Nicole Gopoian Wirick, a certified financial planner and founder of Prosperity Wealth Strategies in Birmingham, Michigan, said:
For example, if you are someone who actively provides most of the care, you may be able to contribute even if no other family member is nearby.
CFP Sandy Adams, a partner at the Financial Planning Center in Southfield, Michigan, said: “Or, if you need to manage your finances with everything online these days, someone across the country can do that.”
She also said she needed to find out what resources were available to reduce the financial burden that care could impose on you.
“See if there is a way for people to cover their costs without immersing themselves in their savings,” Adams said. “I think a lot of people are afraid to ask for help … but this is the last time you don’t want to ask for help.”
Local governments and local agencies can support caregivers, such as through respite programs, so that they can take breaks.
“There is a grant there that allows caregivers to take a break to do something for their mental health,” said Del Yellow. “The caregiver wants to go on vacation, so he may be able to hire him with a grant. [professional] caregiver. “
If you don’t know where to start looking for local help, you need to set up an institution in the state that focuses on aging and elderly care. You can also find out about nonprofits that provide financial support and services for elderly care, such as transportation to and from medical institutions.
In addition, the federal government on aging There is a search tool We help connect you with local services for the elderly and their families.
Support groups could also help, according to Adams.
“You can see how other people deal with the stress of long-term care,” she said.
And if you have enough money, ask for help, Adams said.
“Consider hiring a geriatric medical manager to coordinate parental care to reduce the burden on the family,” she said.