For most family caregivers, the decision to care for a parent or spouse is motivated by a combination of factors. While the most important factor is the love they feel for the care recipient, budgetary concerns are also essential. Many people assume that becoming a caregiver saves money, especially if the alternative is hiring a professional caregiver. Being a family caregiver has hidden costs, and it’s important for caregivers to be cognizant of this fact. Here are some of the hidden costs associated with caregiving.
Loss of Wages
To provide effective care for their loved ones, many family caregivers have to make changes in their professional lives. If your loved one requires around-the-clock care, you may have to quit your job altogether. Other caregiving situations may require limiting your weekly working hours or finding a less demanding day job, which could lead to a loss of income and have a big impact on your current and future life. Before choosing to become a caregiver, examine your finances and consider the potential financial impact of caregiving.
Hiring a professional caregiver is a good way to ensure your parent receives high-quality care without compromising your job. If you’re the primary caregiver for a senior family member and are looking for professional home care, Anchorage Home Care Assistance should be your top choice. Our dedicated and compassionate caregivers are committed to helping older adults manage their health and enjoy a higher quality of life in the golden years.
When caregivers quit their day jobs, they may also be giving up access to company-sponsored health insurance coverage. Some caregivers retain health insurance coverage thanks to a spouse, but others may have to pay for coverage out of their own pocket. When planning your budget, factor in this added monthly cost. Caregiving can also have a negative impact on mental and physical health, which can lead to an increase in health insurance rates.
Family caregivers need to care for their own wellbeing. If you’re caring for an aging loved one and are feeling overwhelmed, consider hiring a professional caregiver to provide respite care. Anchorage families who want to prevent burnout can turn to Home Care Assistance. One of our professional caregivers can assist your loved one at home while you take a nap, go to work, run errands, or go on vacation.
Difficulties Returning to the Workforce
If you intend to return to the workforce someday, be prepared to discuss the years-long gap in your resume. It can be difficult to find a job after such a long absence, and you may discover you’re out of step with your former industry. The role of caregiving requires many skills that are also useful in business settings, ranging from time management to innovative thinking. If you’re willing to expand your employment search, you may find employers interested in your unique skill set. If you simply want to step back into your previous position, it may take a while to find a job. When savings are running low, searching for employment can be incredibly stressful.
Caregivers without a day job often spend their savings on caregiving expenses. When unforeseen emergencies arise and healthcare bills begin to stack up, dipping into their savings is often the only choice they have. If you deplete your savings funds, you may not have enough money to fund your own retirement years. If you eventually reenter the workforce, you may end up working well past retirement age as you try to save money. It’s difficult to make up for financial losses incurred during prime earning years, and caregivers without a financial safety net may not be able to do so.
If you’re the primary family caregiver for a senior loved one living in Anchorage, live-in care is available if your loved one’s health has become too difficult to manage without professional expertise. At Home Care Assistance, we take measures to help seniors prevent illness and injury by assisting with exercise and mobility, preparing nutritious meals, helping with bathing and other personal hygiene tasks, and much more. To learn about our high-quality in-home care services, give us a call at (907) 770-0907 today.