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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, 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.

More from Lynne Adkins

One Comment

  1. says:

    Caregiving will take an emotional and financial toll on you. These are two issues that should be addressed right away to avoid caregiver burnout and sacrificing your earning capability. A lot of family caregivers today, mostly females have stopped working in order to take care of their loved ones. This is unfair because you are taking away their chance to earn money and to prepare for what they will need during retirement.

    This should stop now and the best way to do this is by planning ahead and buying long-term care insurance. You don’t have to rely on your family anymore because you can hire a caregiver or move to a facility and use your coverage to pay for your expenses.

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