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Episode 23: The Hidden Costs of Caregiving & How to Plan Ahead
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“Financial stress should not define your caregiving experience. The more you plan now, the less you’ll have to worry later. Budgeting, researching available resources, and making strategic decisions will help you stay financially stable while giving your loved one the care they deserve. If today’s episode resonated with you, share it with someone who might need to hear it. And if you’re looking for more caregiving resources, check out my website for additional guides and planning tools. Until next time, take care of yourself too.”⸻Show Notes: Episode Title: The Hidden Costs of Caregiving & How to Plan Ahead
Summary: This episode breaks down the hidden financial challenges of caregiving and provides practical tips for planning ahead. Learn how to anticipate costs, explore financial resources, and protect your financial future while providing care.
Key Topics:
The unexpected expenses of caregiving
How to create a financial plan for caregiving
Available financial resources for caregivers
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Transcript
Introduction to Episode 23
00:00:01
Speaker
Welcome to episode 23 of the Aging Parent Playbook. I'm Dr. Barbara Sparacino and today we're talking about something many caregivers don't see coming. The hidden financial cost of
The Financial Strain of Caregiving
00:00:11
Speaker
caregiving. Maybe you've already noticed the grocery bill creeping up or you're dipping into savings to cover unexpected medical expenses. If you're feeling the financial squeeze, you're not alone.
00:00:22
Speaker
The good news with the right planning, you can prepare for these costs and avoid financial stress down the road. Let's dive in.
Types of Caregiving Expenses
00:00:29
Speaker
Let's talk about what Sometimes no one tells you the hidden costs of caregiving. thing Caregiving is expensive, even if you're providing care at home.
00:00:37
Speaker
But where does the money actually go? Let's break it down. So the direct costs, the out-of-pocket expenses caregivers often underestimate might include medical expenses, co-pay, medication, mobility aids, or special equipment.
00:00:51
Speaker
like hospital beds or stair lifts. Also, we have home modification ramp, grab bars, walk-in tubs, small changes that add up fast. Professional help. Even if you're the primary caregiver, you may still need home health aides or respite care.
00:01:05
Speaker
Then we have the indirect costs, the financial sacrifices caregivers make, often without realizing it. Lost income, cutting back on work hours or leaving a job to provide care. their own retirement savings impact, less money going into 401ks or IRAs, and health costs for the caregiver, stress-related illness, skipped doctor's appointments, and neglected self-care.
The Financial Impact on Families
00:01:26
Speaker
A study but by the AARP found that family caregivers spend an average of $7,200 per year on out-of-pocket costs. That's just the average. Some spend much more.
00:01:38
Speaker
So if you're feeling the financial strain, know that it's not just you.
Planning for Caregiving Costs
00:01:42
Speaker
So, how to plan ahead to reduce the financial burden. The best way to handle financial costs of caregiving. Get ahead of them.
00:01:50
Speaker
So, let's talk some strategy. First, let's create a financial plan. And but you have to start tracking caregiving related expenses. Because even small purchases add up over time.
00:02:00
Speaker
Build a budget that includes future costs like potential home healthcare care or facility placements. Look into long-term care insurance early before it becomes too expensive or just unavailable. And start thinking about exploring financial assistance options, Medicaid, VA benefits. Medicaid can help cover long-term care costs and rightovit veterans may qualify for aid and attendance benefits.
00:02:22
Speaker
And how about family care agreements? Some families create formal contracts where the aging parent compensates a family caregiver. You may be eligible for tax deductions. If you're supporting financially supporting a parent, you may qualify for tax breaks.
Maintaining Personal Finances
00:02:35
Speaker
Talk to a financial planner or accountant to see what's available. And it's really important to protect your own financial future. Keep contributing to your retirement account. even if it's at a reduced rate. Don't quit your job without exploring alternatives like FMLA or flexible work options.
00:02:50
Speaker
If multiple family members are involved in care, consider cost-sharing agreements. The bottom line, planning now will protect both your loved one's financial well-being and your own.
Resources and Assistance Programs
00:03:02
Speaker
Now, where can you find help? Let's explore some resources available for caregivers because you don't have to navigate this alone. There are programs out there that can lighten the load if you know where to look.
00:03:13
Speaker
First, we have government and nonprofit resources. Medicaid waivers. some in Some states offer in-home care services through Medicaid. There's the National Family Caregiver Support Program. It provides counseling, respite care, and financial assistance for eligible caregivers. Area agencies on aging. Local organizations that connect caregivers with resources, funding, and services. Also, look at support groups and community help.
00:03:37
Speaker
Local face faith-based organizations often provide meal delivery, or home visits. Some employers often caregiver support benefits, encourage you to check with your HR. And online caregiving communities can provide advice on financial assistance options.
00:03:50
Speaker
Sometimes help is out there, you just have to write ask the right questions and know where to
The Importance of Financial Planning
00:03:55
Speaker
look. Taking control of the financial side of caregiving is important. Financial stress should not define your caregiving experience. Like I said, the more you plan now, the less you'll have to worry about later.
00:04:05
Speaker
Budgeting, researching available resources, and making strategic decisions will help you stay financially stable while giving your loved one the care they deserve.
Closing Remarks and Resources
00:04:15
Speaker
If today's episode resonated with you, share it with someone who might need to hear it.
00:04:19
Speaker
And if you're looking for more caregiving resources and their one-to-one support, check out my my website, www.theagingparentcoach.com. And as always, until next time, take care of yourself too.