Senior Care in Beverly MA: Cost of Caregiving for Elderly Parents
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Almost 10 million adult children over the age of 50 are now caring for their aging parents. This number has tripled over the past 15 years. The demand will continue to increase as baby boomers age.
Although the percentage of women in the work force has also increased dramatically, particularly in women over the age of 55, the mean household income has leveled off. The economic burden of caring for elderly family members continues to increase.
Women tend to function more as a basic caregiver, while sons tend to provide more financial support. The total amount of lost wages, pensions and Social Security for these adult children is close to $3 trillion dollars nationally.
Women tend to leave the labor force earlier, so the total individual lost wages due to caregiving responsibilities equals $142,693, with an estimate of $50,000 loss on their pension. Coupled with the loss of Social Security, the lost wages for a woman totals $324,044.
The total amount of wages lost for men equals $89,107. Add Social Security and their pension and the total for men equals $283,716. The long term financial impact for those that leave their jobs early can jeopardize their financial security. There may be less money available to help children with college, weddings or even owning their own homes.
Senior care duties vary greatly depending on the quality of care necessary. Some people need basic care, which means meeting the activities of daily living, such as bathing or dressing. This type of care is considered more intense than activities like grocery shopping or handling the finances.
When adult children must provide the additional support of errands, chores and managing the finances, time that adult has for their own leisure and personal time diminishes. Therefore, chronic illness and depression are more common. There may be less time available to spend with the grandchildren also.
An adult child caregiver over 50 years of age is more prone to have fair to poor health than an adult child who is not a caregiver. Several studies have discovered that stress, time away from friends and family, lost time at work, increased medication use, overindulgence in alcohol or prescription drugs, coronary artery disease and depression are negative impacts connected to family caregiving.
The decision to quit a job, drop back to part time or take a lower paying job for flexibility needs serious consideration. In addition, family caregivers should be careful to maintain their own health through regular check-ups and preventative services.
Ease the burden of senior care by hiring a reputable home care agency to help with all of your aging loved one?s needs.
If you would like more information about senior care for your aging loved one, contact the caregivers at Right At Home. We are dedicated to providing quality and affordable care in the Beverly area. Fill out our web form or call?(888) 214-8066 today!
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Source: http://www.rightathomealzcare.com/senior-care-in-beverly-ma-3/
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