New AARP report highlights significant out-of-pocket costs for family caregivers

Bipartisan RAISE Family Caregivers Act creates national strategy to support our family caregivers

Washington, D.C. – (RealEstateRama) — A new AARP report issued today details the out-of-pocket costs for caregivers in the United States – on average, family caregivers are spending 20 percent of their total income on caregiving expenses. This builds on last year’s AARP family caregiving report, which revealed the number of family caregivers in the United States – about 40 million, with Florida home to nearly 2.7 million of these caregivers.

A new AARP report issued today details the out-of-pocket costs for caregivers in the United States – on average, family caregivers are spending 20 percent of their total income on caregiving expenses. This builds on last year’s AARP family caregiving report, which revealed the number of family caregivers in the United States – about 40 million, with Florida home to nearly 2.7 million of these caregivers.

“Addressing family caregiving is becoming a new normal in health care because family caregivers are making startling personal sacrifices in time as well as out-of-pocket expenses. A closer look at the work-related effects as well as the personal financial hardships shows the increasing need to come together to better understand the needs of our caregivers,” said U.S. Rep. Kathy Castor (FL14), who filed the bipartisan RAISE Family Caregivers Act to create a much-needed National Family Caregiving Strategy with recommendations by experts related to support services, training, workplace policies and others to better support caregivers.

“In Florida, 2.7 million caregivers are providing 2.5 billion of unpaid hours taking on a wide range of activities from managing finances, transportation and housework to medication management, bathing and dressing. On top of that, this new report on out-of-pocket costs shows us that on a nationwide average, 20 percent of caregivers’ income is devoted to caregiving expenses.”

The report shows that baby boomers (ages 51-70), who themselves are approaching retirement, make up the largest percentage of caregivers – 46 percent. In addition, 85 percent of care recipients are 50 years or older, and the annual average spending to care for someone with dementia is $10,697, or nearly twice as much as the annual average spending for other care recipients. This means a big impact for our neighbors and families:  More than 3 million of Florida’s population are 50 years or older and by 2025, Hillsborough County is projected to have more than 30,000 cases of dementia, according to the Alzheimer’s Association Florida Gulf Coast Chapter.

“We must ensure that family caregivers have the resources and tools they need to face the demands of their current work, can take family leave when they need to, and ensure that their loved one receives the care he or she needs. I am proud to work with AARP to elevate the role of caregivers, but as the complexity and intensity of family caregiving increases, a nationwide blueprint will help boost families and be smart and efficient with our resources,” U.S. Rep. Castor added.

(RAISE = Recognize, Assist, Include, Support, and Engage)