The out-of-pocket cost of
caring for an aging parent or spouse averages about $5,500 a year,
according to the nation’s first in-depth study of such expenses, a sum
that is more than double previous estimates and more than the average
American household spends annually on health care and entertainment
combined.
Family members responsible for ailing loved
ones provide not only “hands on” care but often reach into their own
pockets to pay for many other expenses of care recipients, including
groceries, household goods, drugs, medical co-payments and
transportation. That nudges the average cost of providing long-distance
care to $8,728 a year.
These caregivers, spending on average 10
percent of their household income, manage the financial burden by
taking out loans, skipping vacations, dipping into savings or ignoring
their own health care.
caring for an aging parent or spouse averages about $5,500 a year,
according to the nation’s first in-depth study of such expenses, a sum
that is more than double previous estimates and more than the average
American household spends annually on health care and entertainment
combined.
Family members responsible for ailing loved
ones provide not only “hands on” care but often reach into their own
pockets to pay for many other expenses of care recipients, including
groceries, household goods, drugs, medical co-payments and
transportation. That nudges the average cost of providing long-distance
care to $8,728 a year.
These caregivers, spending on average 10
percent of their household income, manage the financial burden by
taking out loans, skipping vacations, dipping into savings or ignoring
their own health care.
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