Half of those caring for a loved one 50 years or older-as many as 17million Americans-spend more than 10 percent of their annual income oncaregiving expenses and often sacrifice their own financial and personalwell-being to do so, according to a new Evercare/National Alliance forCaregiving (NAC) study. The Evercare/NAC Study finds that caregivers who haveannual median income of $43,026 spend an average $5,531 a year on caregiving.At lower income levels, the annual average costs remained about $5,500,making their financial burden even heavier. Evercare, one of the nation'sleading health care coordination programs, collaborated with NAC, the leadingnational research authority on caregiving, to conduct the study.
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The Study also found:
* One in three respondents (34 percent) has used their own savings tocover the cost of caregiving
* One-quarter (23 percent) have cut back on their own health carespending.
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* 38 percent are saving less or not at all for their children's future
* Many cut back on basics: clothing, utilities or transportation (27percent) and groceries (25 percent)
* 23 percent cut back on personal medical or dental expenses
Despite the sacrifices, most study respondents see caregiving as a laborof love and one they do willingly.
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NEWS: Caregivers Sacrificing Their Own and Their Children's FinancialFutures to Meet Expenses Today
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SOURCE Evercare
