Long-Term Care, Steep Costs Even When It's 'Free'
Whether clients
choose unpaid care or rely on it out of necessity, it's important to understand
the hefty costs of such care.
'MONEY & TIME'
The
amount of care provided increases with the age of the caregiver, according to a
2012 study from Johns Hopkins University. On average, the time spent by
caregivers each week is 25.3 hours for those aged 55 to 64; 30.7 hours for
those aged 65 to 74; and 34.5 hours for those 75 years and above.
Meanwhile
24% of caregivers report spending five years or more in caregiving and 26% said
between one and four years.
And
those providing care for 21 hours or more every week are twice as likely to
have been in the caregiving role for 10 or more years, according to the
"Caregiving" survey.
The
paradox of improved medical treatment for diseases like Alzheimer's is that
while medicine can reduce symptoms, it can make the caregiving period
substantially longer. The challenge in planning long-term care is two factors:
money and time. Time is the hardest. Time depends on the kind of infirmity that
the family member experiences.
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