The Very Personal Costs of Caregiving

When you think of the cost of care for a loved one, the first thing that usually comes to mind is the risk to your loved one’s or your own savings. And for good reason. With a hefty price tag of $4,500 to more than $10,000 per month, depending on where your loved one receives their care and the level of assistance they need, it’s no wonder that this is the most urgent challenge a family faces in developing a plan for a loved one after a stroke or diagnosis such as dementia, Parkinson’s or other chronic debilitating illness.

But after working with thousands of families throughout West Texas navigating a care journey, I can tell you that another very real cost of care is the one borne by the caregiver. Whether it’s your spouse or an aging parent you’re caring for, the impact of providing care or even simply coordinating the medical and personal care of another adult human being is tremendous. I’ve seen firsthand the exhaustion, guilt and feelings of overwhelm that can come with trying to provide care and emotional support for your loved one facing serious medical challenges. You want to make sure they are in the best possible environment to live their best life, while still juggling all your other responsibilities. Research bears this out. Those taking on primary responsibility for a loved one often sacrifice in the form of lost wages, lost professional opportunities and negative impacts to their own physical and emotional health.

According to the AARP, the number of Americans providing unpaid care increased from 18% in 2015 to 21% in 2020. The number who are caring for more than one person increased from 18% to 24%. Of family caregivers, 39% are men and 61% women. 61% of those work. 45% have had at least one financial impact. A 2020 Blue Cross Blue Shield study, “The Impact of Caregiving on Mental and Physical Health,” found that 57% of caregivers report experiencing clinically significant levels of stress, anxiety and depression. Caregivers also have higher rates of serious health conditions.

So, what can be done? There are important things you can do to alleviate the stress of caregiving. Joining a support group that gives you the opportunity to meet regularly with other caregivers can provide significant relief of the emotional burden of care. Also, locating appropriate options for help with daily care, be it in-home care, memory care, assisted living or nursing home care, is a big part of relieving caregiver stress.

At Nathan Ziegler & Associates we are working to be part of the solution to the caregiver burden in our community. It is our mission to help you and your loved one have peace of mind by serving as your trusted guide on your care journey. We help families by taking a holistic approach to your loved one’s care needs. We identify resources available to meet these needs, develop a strategy for benefits eligibility, submit the necessary paperwork and craft a legal strategy to coordinate with benefits eligibility to protect your loved one’s lifesavings. If you’re on a care journey with a loved one, let us help you navigate the road ahead. Call me today for a free consultation. 806-765-8801.