The Cost of Caregiving

8/15/2013

Today in America nearly 10 million adult children over the age of 50 are caring for their aging parents. In the last 15 years, the number of children providing personal care and/or financial assistance to a parent has more than tripled. These adult children are aging themselves, looking forward to retirement, and planning for their own future care needs. During their peak earning years, many adult children are forced to reduce the number of hours they work, or leave the workforce altogether, in order to care for aging parents who have increasing needs. Take a look at this information provided by the Mature Market Institute at MetLife, the global insurance giant:

https://www.metlife.com/assets/cao/mmi/Images/2011/mmi-caregiver-costs-lost-wages-chart-women.jpg

Caregiver Costs-lost wages-men-chart

It’s interesting to note that MetLife also found that those 10 million adult children over the age of 50 who are the primary caregiver for their parents were far more likely to have fair to poor health as compared to their peer group who were not caring for an aging parent. Two primary causes for the poor health both derive from an increase in stress: the stress related to caring for a parent and feeling ill-prepared for the task, and stress related to the loss of income leading up to retirement.

Some folks view home care as just an added expense during a time when money is tight. However, compared to the costs associated with lost wages, the dollars and cents suggest that choosing to be the primary caregiver for an aging parent is an expensive decision! If you’re currently pondering this decision, we’d love to help walk you through your options.

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Carroll County: Finksburg (21048), Hampstead (21074), Manchester (21102), Marriottsville (21104), Reisterstown (21136), Upperco (21155), Westminster (21157,21158), Keymar (21757), Mount Airy (21771), New Windsor (21776), Sykesville (21784), Taneytown (21787), Union Bridge (21791), Woodbine (21797)

Baltimore County: Baldwin (21013), Cockeysville (21030), Hunt Valley (21031), Ellicott City (21043), Fork (21051), Freeland (21053), Glen Arm (21057), Glyndon (21071), Hampstead (21074), Hydes (21082), Joppa (21085), Kingsville (21087), Lutherville (21093, 21094), Timonium (21204), Manchester (21102), Marriottsville (21104), Monkton (21111), Owings Mills (21117), Parkton (21120), Perry Hall (21128), Phoenix (21131), Randallstown (21133), Reisterstown (21136), Sparks Glencoe (21152), Stevenson (21153), Upperco (21155), Upper Falls (21156), White Hall (21161), White Marsh (21162), Woodstock (21163), Towson (21204, 21286), Gwynn Oak (21207), Pikesville (21208), Baltimore (21206, 21209, 21210, 21212, 21215, 21224, 21229, 21235, 21239, 21241, 21250, 21252, 21282, 21284, 21285), Sparrows Point (21219), Middle River (21220), Essex (21221),Dundalk (21222), Halethorpe (21227), Catonsville (21228), Parkville (21234), Nottingham (21236), Rosedale (21237), Windsor Mill (21244), Boring (21020), Brooklandville (21022), Butler (21023), Chase (21027), Fort Howard (21052), Hunt Valley (21065), Long Green (21092), Maryland Line (21105), Riderwood (21139)

Baltimore City: Baltimore (21201, 21202, 21205, 21211, 21214, 21216, 21218, 21231, 21251, 21287, 21203, 21233, 21263, 21264, 21265, 21270, 21273, 21274, 21275, 21278, 21279, 21280, 21281, 21283, 21288, 21290, 21297, 21298), Raspeburg (21206), Gwynn Oak (21207), Pikesville (21208), Mt Washington (21209), Roland Park (21210), Govans (21212), Clifton (21213), Arlington (21215), Druid (21217), Dundalk (21222), Franklin (21223), Highlandtown (21224), Brooklyn (21225), Curtis Bay (21226), Halethorpe (21227), Catonsville (21228), Carroll (21229), Morrell Park (21230), Parkville (21234), Nottingham (21236), Rosedale (21237), Northwood (21239)

Howard County: Annapolis Junction (20701), Laurel (20723), Fulton (20759), Savage (20763), Highland (20777), Jessup (20794), Brookeville (20833), Clarksville (21029), Dayton (21036), Ellicott City (21042, 21043, 21041), Columbia (21044, 21045, 21046), Elkridge (21075), Hanover (21076), Marriottsville (21104), Woodstock (21163), Cooksville (21723), Glenelg (21737), Glenwood (21738), Mount Airy (21771), Sykesville (21784), West Friendship (21794), Woodbine (21797), Simpsonville (21150), Lisbon (21765

Montgomery County: Laurel (20707), Highland (20777), Glen Echo (20812), Bethesda (20814, 20816, 20817, 20889, 20892, 20894, 20813, 20824, 20827), Chevy Chase (20815, 20825), Cabin John (20818), Olney (20832, 20830), Brookeville (20833), Barnesville (20838), Beallsville (20839), Boyds (20841), Dickerson (20842), Rockville (20850, 20851, 20852, 20853, 20847, 20848, 20849) Potomac (20854, 20859), Derwood (20855), Sandy Spring (20860), Ashton (20861), Brinklow (20862), Burtonsville (20866), Spencerville (20868), Clarksburg (20871), Damascus (20872), Germantown (20874, 20876, 20875), Gaithersburg (20877, 20878, 20879, 20882, 20899, 20884, 20885, 20898), Montgomery Village (20886), Kensington (20895, 20891), Silver Spring (20901, 20902, 20903, 20904, 20905, 20906, 20910, 20907, 20908, 20911, 20914, 20915, 20916), Takoma Park (20912, 20913), Mount Airy (21771), Woodbine (21797), Washington (20088), Hyattsville (20787), Washington Grove (20880), Garrett Park (20896)

Frederick County: Frederick (21701, 21702, 21703), Woodsboro (21798), New Market (21774), Walkersville (21793) Monrovia (21770), Clarksburg (20871), Ijamsville (21754)

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