Updated: Aug 8, 2019
Per AARP, here's what you need to know in a nut-shell.
Family caregivers on average spend approximately $7,000 per year in out-of-pocket expenses. This is 20% of their annual income on average.
Household expenses share 41% of family caregiver's expenses. (Rent, mortgage, home modifications, etc).
Medical expenses share 25% of family caregiver's expenses.
(In facility care, insurances, other medical expenses).
More than half, 56% of family caregivers experience at least 1 work related strain. (Working different hours, fewer hours, more hours, taking time off with or without pay).
The time to plan to care for an aging loved one is now, the cost of doing nothing is just too high!
Thanks AARP for sharing families out-of-pocket expense report, 2016.