The "Unseen" Costs of Elder Care | Think on That!

Although humanity has not discovered the proverbial ?fountain of youth? yet, our tireless efforts to conquer death have awarded us with much longer lives. ?From an average life expectancy of ~28 ?years in Roman times to ~78 in the U.S. today, there has been a continual price to pay. ?That is, elderly individuals require more medical attention and health care in order to live fruitful and happy lives. ?Of course, we all want to help the elderly and make sure that they are properly taken care of, and recent evidence backs up this claim. ?A study released by the AARP concerning family caregivers highlights the immense ?hidden? value that individuals caring for elderly family members or friends add to society:

The estimated economic?value of their unpaid contributions was approximately $450 billion in 2009, up?from an estimated $375 billion in 2007.

To put this figure in perspective:

More than total Medicaid spending?in 2009, including both federal and?state contributions for both health?care and LTSS ($361 billion)

As much as the total sales of the?world?s largest companies, including?Wal-Mart ($408 billion in 2009, the?most of any company) and the three?largest publicly held auto companies?combined (Toyota, Ford, Daimler:?total $439 billion)

According to the study, 1 in 4 Americans are providing care to an elderly individual and this percentage is predicted to grow as citizens live longer and longer. ?In fact, in the near future it will be common to see 60 or 70 year old ?children? taking care of their 90 year old parents. ?Interestingly, the common misconception that American individuals find elder care a nuisance because they are too busy or self-serving is simply not backed by the evidence:

An estimated?83 percent of Americans say they would?feel very obligated to provide assistance?to their parent in a time of need.

Because increasing numbers of people are going to be in a situation where they will be taking care of elderly individuals, it makes sense to explore how this affects the caregivers life:

A key theme to emerge from systematic?reviews of family caregiving studies?over the past 30 years is that family?care can have negative effects on the?caregivers? own financial situation,?retirement security, physical and?emotional health, social networks,?careers, and ability to keep their loved?one at home.

A recent analysis estimates that the?lifetime income-related losses sustained?by family caregivers age 50 and over?who leave the workforce to care for a?parent are about $115,900 in wages,?$137,980 in Social Security benefits,?and conservatively $50,000 in pension?benefits. These estimates range from a?total of $283,716 for men to $324,044?for women, or $303,880 on average,?in lost income and benefits over a?caregiver?s lifetime.

According to the report, caregivers are categorically affected across all aspects of their lives. ?These individuals often become the full-time health?liaison?of the elderly they take care of. ?They drive them to doctors appointments, administer common medical practices at home, and become instrumental in conveying patient knowledge to health care?professionals. ?And this is to name but a few of the areas they aid in.

The study suggests that all of these burdens have been exacerbated by the economic downturn. ?Several suggestions are put forth on how to?accommodate?caregivers and thereby reduce long term spending on the elderly due to nursing homes etc. ?For example, workplaces should adopt ?family friendly? policies with more flexible hours, social security should take note of recipients that are also caregivers and provide extra assistance, and corporations should provide expanded paid leave.

NeilS?? Clearly we are facing an immense change in demographics and need to understand the full gamut of costs associated with elder care. ?Social security, Medicare, and nursing homes are not the only costs. ?There are many hidden costs and burdens placed on family caregivers that must also be taken in to consideration.

I found it fitting to explore this issue in light of our current debt debate. ?As the debt piles on and Congressmen continue to use catchphrases like ?mortgaging our children?s future,? it is important to consider all aspects facing the youth of today. ?Not only will they be straddled with debt, but more and more will become family caregivers to the elderly and shoulder the burdens that coincide. ?Hopefully we will continue to create advances in medicine and technology that will allow elderly individuals to not only have lives of quantity?but also quality. ?Certainly issues like this must be?considered?when deciding the proper path for both the future of our country and the future of an individual.

Source: http://www.thinkonthat.com/archives/1682?utm_source=rss&utm_medium=rss&utm_campaign=the-unseen-costs-of-elder-care

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