Cost Of Elderly Care Is Double Prior Estimates!!!

The out-of-pocket cost of caring for an aging parent or spouse averages $5,531 a year, according to the nation's first in-depth study of such expenses, a sum that is more than double previous estimates and more than the average American household spends each year on health care and entertainment combined.

Family members responsible for ailing loved one provide not only "hands on" care, but reach often into their own pockets to pay for many other expenses of care recipients, including groceries and household goods, drugs and medical co-payments and transportation, which nudges the average cost of long-distance care giving to $8,728 a year.

These caregivers, spending on average 10 percent of their household income, manage the financial burden by taking out loans, skipping vacations, dipping into savings or ignoring their own health care.

These findings, and others, come from a telephone survey of 1,000 adults currently caring for someone over the age of 50 who needs help with activities like bathing, preparing meals, shopping or managing finances. It is the first systematic look at out-of-pocket spending among the estimated 34 million Americans providing care for an older (50-plus) family member or friends, and it builds on a landmark 2004 study.

The survey, which was released this past Monday, is expected to be the centerpiece of a Capitol Hill briefing this week. The survey was conducted by the National Alliance for Caregiving, a research and policy organization, and Evercare, a division of the United Health Group, which coordinates long-term care for 15,000 clients. The report urges government relief for family caregivers, whether tax deductions, tax credits or other stipends, all of which have stalled in Congress in the past.

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