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The Financial Impacts of Caregiving

elder care industryAt some point, in the vast majority of people’s lives, you will either need a caregiver or be one yourself. For many adult children, the time to be a caregiver has come as parents age and need assistance around the house or with everyday tasks. While many people don’t think twice about offering and providing the help, doing so can have serious economic impacts for an individual.

Did you know that the estimated value of unpaid care provided by family caregivers in the United States alone adds up to $450 billion dollars annually? That equates to a whole lot of time being put into caregiving responsibilities by unpaid caregivers. That time also equates to lost wages and benefits at work, with some estimates putting this loss at over $300 million dollars over the course of a caregiver’s lifetime, counting lost pensions, wages and social security benefits.

All of this can lead to disastrous long term financial effects for caregivers who are simply trying to offer the best possible care for a loved one.

Some potential solutions for this include enlisting the help of other loved ones and friends, or an in-home elder care agency to help offset the burden of care. For example, contracting with a homecare agency that utilizes a homecare software or homecare system to manage their services can provide care and peace of mind – freeing up time for family caregivers to focus on their career while still feeling they have fulfilled their caregiving responsibilities.

One great feature offered by ClearCare Online’s homecare software and homecare system is a secure family portal log-in that allows family caregivers to monitor their family’s care by a homecare agency from work – or anywhere on the go! This can provide a vast sense of security and ease worry for family caregivers by receiving real time updates on caregivers’ arrival and departure, as well as task updates and more. With homecare system tools like this, some caregivers may even feel comfortable reducing their caregiving hours and increasing work hours to regain their income and long-term benefits.

Family caregivers are an invaluable resource to the world’s economy, and with technology like ClearCare Online’s homecare software, caregivers have a partner in their journey looking out for both them and their loved ones.

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