Families Sacrifice Time and Money Caring for Loved Ones Amid $600 Billion Burden
The Financial Toll of Family Caregiving
Across the U.S., family members caring for loved ones provide an estimated $600 billion in unpaid services each year, sacrificing time, money, and often their well-being to care for aging loved ones, according to an AARP survey. As Congress considers a bill that would provide family caregivers a tax credit, quantifying how much that time is worth is proving to be difficult.
A Personal Account
Amy Goyer understands the challenge. Caring for her aging parents meant turning her life upside down. Her mother had a stroke in her late 60s, and her father was diagnosed with Alzheimer's disease.
Understanding the Financial Strain
- Family caregivers face significant financial challenges.
- Pictures lining the walls of Goyer’s home in Chandler, Arizona, serve as reminders of happier times, now overshadowed by stress.
- As a caregiver, Goyer had to pay for renovations to safety-proof her home.
Lost Income and Opportunities
Furthermore, she lost money and time she could have spent working, as she chose to focus on caring for her parents. This situation reflects a broader issue affecting countless families across the nation.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.