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Caregiving Can Cause Big Financial Burden, Study Shows

PHILADELPHIA (CBS) — We know that caring for a loved one takes an emotional toll, but it takes a financial one, as well.

Caring for your ailing Mother is expensive. A new study shows that more than 40% of caregivers spend $5,000 or more every year helping out. Dayna Steele, spokeswoman for Caring.com, says there are some costs that you might not even think about.

“You still have to buy them food , buy clothes, there may be co-pays on medical bills and prescription drugs,” Steele said. “Some of the doctors and facilities you’re going to have a parking garage where you’re paying $10, $15, $20 or more to park every time you go.”

She suggests making a plan now, get long-term care insurance, put money aside for incidentals and discuss with family members what might be needed and who will pay.

And talk to your boss. Caregivers routinely miss days at work, which can put jobs at risk.

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