Taking care of aging or ailing parents has become the norm for many people today. While caregiving can be hard, helping loved ones keep their independence as long as possible can be fulfilling and satisfying with the right support.
A growing need for caregivers
More people are living longer,1 and with those added years come an increase in chronic health conditions — including Parkinson’s, heart disease, cancer and Alzheimer’s, among others.
Nearly 44 million adults in the United States — or about 20 percent of the U.S. adult population — provide informal, unpaid care for aging or disabled family members.2 And the numbers keep growing.
Providing care could mean helping family members with daily activities — such as bathing, grooming and transportation — as well as helping them manage their finances and being a friend, companion, decision maker and advocate. This invaluable support can mean the difference between family members remaining in their homes and moving to an assisted living facility or nursing home.
But caring for family members can have unintended consequences on families. Thankfully, while challenges exist, so do support systems and resources to help.
The many faces of caregivers
Because so many Americans are caring for loved ones, they span all ages and life stages.
The person most likely to find themselves caring for a family member is a 46-year-old woman caring for a female relative,3 most likely her mother. But caregivers are becoming as diverse as the American population:
- 60 percent of caregivers are female.3
- Approximately 75 percent of those providing home care are women — most often a daughter.3
- 34 percent of caregivers have a full-time job, while 25 percent work part time.4
The sandwich generation poses unique challenges
A growing population of caregivers are part of the "sandwich generation," a term first used in the 1980s to describe women who were "sandwiched" between taking care of young children and aging parents. Since then, it has grown to include all adult children caring for their parents, while raising kids of their own.
This leads to some unique challenges for working parents in the sandwich generation. Not only are many juggling a full-time job with their home life — household to-dos, errands, meal prep, laundry, getting kids to soccer practice — they’re also managing and providing care for a parent in the span of just one day.
Chronic conditions and caregiving can lead to stress
Taking care of loved ones with chronic conditions such as Alzheimer’s, other forms of dementia or a long-term physical condition can cause great stress. In fact, 38 percent of caregivers report high emotional stress from the demands of caregiving.2 The symptoms of this stress may look similar in both the person receiving care and the caregiver.
Stress for the person with a chronic condition
The type of illness and its prognosis can produce varying levels of physical and emotional stress, including:5
- Changes in ability to work or do recreational activities
- Changes in personal and professional relationships
- Physical changes and side effects
- Management of symptoms and medications
- Financial demands of health care needs
Stress for the caregiver
Caring for someone with a chronic condition can also cause varying levels of stress. Higher levels of stress, anxiety, depression and other mental health effects are common among family members who care for an older family member or friend.2
Caring for someone who needs help with bathing, grooming and other personal care activities can lead to physical strain and fatigue, putting caregivers at serious risk for poor physical health.6
The costs of caregiving
In addition to psychological and physical impacts, caregiving can cause undue stress on a family’s finances.
Whether it’s paying for prescription medications, installing a ramp for a wheelchair-bound care recipient, or purchasing consumable supplies, caregiving can have a significant financial impact.7
Beyond the immediate costs, caregivers may also face other negative impacts such as loss of health insurance or other job benefits, or decreased contributions to retirement savings, investments or Social Security benefits.
The National Alliance for Caregiving estimates that one in five caregivers reports experiencing financial strain.1 This can result from having to work reduced hours, take a leave of absence or discontinue working all together in order to be available for an ailing parent.
A bigger impact on working women
Working female caregivers may suffer a higher level of economic hardship than everyone else — mostly due to lost wages from reduced work hours, time out of the workforce, family leave, early retirement or a shorter time contributing to a retirement plan or Social Security.
Research has shown women caregivers contribute approximately $40,000 less to their retirement funds.8
Planning for future care
As people age, having a strategy for dealing with future health care costs and access to the right support services can make a real difference for their caregivers.
This allows children or family members to remain in their caregiving role longer, with less stress and greater satisfaction. It also means financial peace of mind. Caregivers don’t have to worry about how to pay for care and can focus on making the best care decisions.
These actions can help provide financial peace of mind for both the person needing care and the future caregiver — and ease physical and mental stress.
Build an emergency fund
Experts recommend building an emergency fund that could cover up to 3-6 months' worth of living expenses. For most people, that can add up to an intimidating number that can discourage even the best-intentioned saver. Here are some tips to help get started.
Consider automatic savings for healthcare expenses
Saving in a health savings account through your employer can help cover future, non-reimbursed medical costs. Money from each of your paychecks is automatically deposited into a designated account that you can use for deductibles, copays and medications.
Have a secured line of credit
If emergency savings or other type of cash reserve is not an option, some financial professionals suggest a line of credit secured by your home as a short-term option if you can repay the loan quickly, since they generally offer lower interest rates.
Consider long-term care insurance/hybrid products
Life insurance can be combined with long-term care benefits — in what’s called a hybrid or linked-benefit product. Hybrids offer a death benefit like other life insurance products, but also include level premiums guaranteed never to increase and a return of premium option where the client can get their money back if they need it.
If you need care, you can receive tax-advantaged, long-term care benefits. You also have the flexibility to extend the benefit period and increase your coverage to keep pace with rising health care costs.
Caregiver support systems benefit everyone
Strong support systems can benefit everyone affected by a chronic condition, including caregivers. A study of caregivers, for example, connected strong social support with better coping skills.5
Strategies to manage the demands of caregiving
Here are some strategies to help you manage the demands associated with caring for someone who has a chronic illness:5
- Find time to relax — even if you have to schedule it. Visit friends, take a day off, see a movie. Do something that rejuvenates you and makes you happy.
- Eat balanced meals, get proper rest, and visit a doctor about any recurring health problems.
- Join a support group or seek out a counselor to help relieve feelings of anger, frustration and isolation.
- Find local and state resources that can offer physical, emotional and psychological support to you.
- Research local organizations that offer guidance and additional caregiving assistance.
- Meet with professionals about legal, financial or long-term health issues and come up with a strategy before you need them.
Long-term care insurance products issued by MINNESOTA LIFE INSURANCE COMPANY