Family caregivers spend $7,000 a year out of pocket, AARP says

(InvestigateTV) — Caring for a loved one carries a significant financial burden for millions of American families, and an AARP expert says having a plan in place can make a meaningful difference.

There are 63 million family caregivers in the United States — nearly one in four adults — according to Amy Goyer, family and caregiving expert at AARP.

“We know that family caregivers spend more than $7,000 a year out of their own pockets on caregiving expenses,” Goyer said. “It’s about 26% of their income on average. And that’s a lot of money, and many spend more and many spend less. The biggest chunk of that goes to housing.”

Goyer recommends building a caregiving plan checklist, starting with early conversations with loved ones about their care needs, priorities and wishes.

“Just be very gentle when you approach your loved ones to start talking about care needs and future plans,” Goyer said. “Understand that for them, it’s so important that they feel a sense of control over their lives. Ask how they feel that their situation is and what their wishes are, and make it clear that your goal is to carry out their wishes as best you can.”

Caregivers should also research financial support and local services available through health care providers and community organizations, Goyer said. The goal is to avoid navigating caregiving alone.

Goyer also recommends contacting a local Area Agency on Aging to ask about available services. For loved ones who are eligible for or enrolled in Medicaid, speaking with their case manager about available options is another recommended step.