As the population ages, the number of people affected by Alzheimer’s disease and other forms of dementia continues to rise, and so does unpaid family caregiving. Families increasingly find themselves providing unpaid care to loved ones with cognitive impairments. This caregiving role, though essential, comes with hidden personal, financial, and societal costs that can be substantial. In fact, a new study reveals that family caregivers of loved ones with dementia, if they were paid for their services, would be making six figures.
The Scope of Unpaid Family Caregiving
Nearly 7 million Americans aged 65 and older are living with Alzheimer’s, a figure projected to reach nearly 14 million by 2060 if trends continue. Many families shoulder the responsibility of care, as residential facilities and formal caregiving options can be financially prohibitive. In 2023, it was estimated that around 11 million Americans were providing unpaid care for family members with dementia, contributing an estimated 18.4 billion hours of care annually. The estimated value of this unpaid care is $346.6 billion.
Unpaid family caregivers often provide a wide range of support for their loved ones with dementia. This may include assistance with daily activities such as bathing, dressing, and eating, as well as managing medications and medical appointments. They also may offer emotional support, companionship, and help with household tasks, ensuring their loved ones maintain a sense of dignity and comfort in their daily lives.
Caring for a loved one with dementia can be particularly stressful. Caregivers often experience emotional strain from witnessing their loved one’s decline, leading to feelings of sadness and helplessness. The physical demands of caregiving can result in exhaustion, while the constant need for vigilance can create anxiety. Balancing caregiving responsibilities with their personal life can further contribute to feelings of isolation and burnout.
The Costs of Dementia Care
Unpaid caregivers often face financial challenges as they balance caregiving responsibilities with their own employment and personal financial stability. Some key financial costs include:
- Lost Income and Job Disruption
- Out-of-Pocket Expenses
- Health Care Costs
How Much Would a Family Caregiver Make?
What if family and friend caregivers were paid for the caregiving services they provide to their loved ones with dementia? According to a recent study conducted by Salary.com and Otsuka America Pharmaceutical, Inc., a caregiver would earn a six-figure salary for the daily help they provide. In fact, the approximate salary would be $114,000, on average.
The two companies created a calculator for caregivers to estimate how much they would make if they were paid for their time and effort. Check out the interactive Family Caregiver Calculator.
The Economic Effects on Society
The economic cost of unpaid dementia caregiving extends beyond individual families to society as a whole. The Alzheimer’s Association estimates that the economic value of unpaid caregiving for individuals with dementia is almost $340 billion annually. If caregivers were unable to provide this support, the health care system would face immense pressure to meet these needs, potentially straining public resources.
Getting Support and Planning Ahead
Unpaid caregiving for older adults with Alzheimer’s and other forms of dementia is a deeply meaningful yet challenging responsibility. Thankfully, there are resources for these caregivers.
Family caregivers of individuals with dementia can access a variety of resources designed to provide support, education, and respite. Here are some key resources available to help them navigate this challenging journey:
- Support Groups
- Educational Programs
- Respite Care Services
- Online Resources
- Financial Assistance Programs
- Home Health Care Services
- Legal and Financial Planning Resources
The option to receive health care at home is a growing need to alleviate unpaid family caregiving. Home health care is not without its costs, though. Medicaid can provide financial assistance for home care services. However, there are eligibility rules and often planning is required. With the help of an elder lawyer, seniors can navigate the Medicaid application process and more easily realize the benefits that will help them live more comfortable, independent lives. Navigating Medicaid’s complex requirements can be overwhelming for seniors and their families. Elder lawyers specialize in helping older adults manage legal, financial, and health care issues, including qualifying for Medicaid. This may involve legally structuring an elder’s finances to ensure they meet Medicaid’s strict asset limits, such as creating trusts.
For help with planning for long-term care services and other elder-care needs, contact the experienced elder law planning attorneys at Kurre Schneps.
