The Case For Insuring Parents And Loved Ones
June 17, 2019 by Tomas McFie
The cost of care provided to parents by their adult children is now estimated to be well over $375 billion a year, twice as much as what is actually being spent on home health care or nursing home services combined), according to the National Alliance for Caregiving and Evercare.
It is crucial that these adult children should be able to recoup at least some of the costs they absorb. In the U.S., 65 million people – nearly three out of every 10 people – provide care for chronically ill, disabled or aged members of their family. On average, they spend 20 hours per week doing so, but 13% of these family caregivers provide 40 or more hours of care per week.
This issue has become so endemic that it has hindered the ability of many Americans to save properly for their own retirement. As a result, these family caregivers have a median of only $68,000 saved in their retirement accounts, a Transamerica study found.
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