The First, In-Depth Look at What Caregivers Spend and What they Sacrifice
Half of those caring for a loved one 50 years or older-as many as 17 million Americans-spend more than 10 percent of their annual income on caregiving expenses and often sacrifice their own financial and personal well-being to do so, according to a new Evercare/National Alliance for Caregiving (NAC) study. The Evercare/NAC Study finds that caregivers who have annual 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's leading health care coordination programs, collaborated with NAC, the leading national research authority on caregiving, to conduct the study.
The Study also found:
* One in three respondents (34 percent) has used their own savings to cover the cost of caregiving
* One-quarter (23 percent) have cut back on their own health care spending.
* 38 percent are saving less or not at all for their children's future
* Many cut back on basics: clothing, utilities or transportation (27 percent) and groceries (25 percent)
* 23 percent cut back on personal medical or dental expenses
Despite the sacrifices, most study respondents see caregiving as a labor of love and one they do willingly.
Monday, November 19th, 2007 Tuesday, November 20th, 2007
1:30 PM - 1:45 PM ET 1:30 PM - 1:45 PM ET
Galaxy 25 Galaxy 25
Transponder 13 Transponder 13
Downlink Freq. 3960 Vertical Downlink Freq. 3960 Vertical
Preview and access this video on Pathfire DMG: Slug # 30505
Search within the PR Newswire or MultiVu section by story ID # 30505 or by headline
For technical assistance call Pathfire Customer Care at 1-
Copyright©2007 PR Newswire.
All rights reserved