The rewards of caring for a loved one at home can include the satisfaction of knowing we are sharing the burden of people we love, letting them know they are not alone. But there is still a cost involved according to AARP in "Caregiving Costly to Family Caregivers."
Studies done in the past estimated what it would cost to pay for the care given by family caregivers if society had to pay for it. According to the study approximately 40 million family caregivers in 2013 provided 37 billion hours of care – or $470 billion worth of care. The value of this “free” care exceeded the total Medicaid spending during the same period of time ($440 billion).
In addition to the uncompensated care given to loved ones, caregiving families also spend a significant amount of money out of their own pockets. This amount can equal 20-44 percent of the family income. That usually means that the caregiving family must find ways to reduce spending, often wiping out their own retirement or savings accounts.
There are ways to prepare for the expenses we may incur as we age. An estate planning attorney can advise you in creating an estate plan that fits your unique circumstances
Reference: AARP (November 15, 2016) "Caregiving Costly to Family Caregivers."