“Seven tips on becoming a ‘financial’ caregiver,” by Robert Powell, USA Today
“Millions of Americans, most of whom are women, are not only providing care to aging parents and loved ones, but they’re also serving as “financial” caregivers. In fact, some 92% of caregivers are paying bills from their care recipient’s accounts; monitoring bank accounts; handling insurance claims; filing taxes, and managing invested assets, according to a new Merrill Lynch study, conducted in partnership with Age Wave. And all that financial caregiving comes with a big price tag. Consider: Some 40 million family and friend caregivers in the U.S. collectively spend $190 billion per year on their adult care recipients, according to the Merrill Lynch study, ‘The Journey of Caregiving: Honor, Responsibility and Financial Complexity.’”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
The wages of denial.