This article is provided by AARP.
No matter where you work or what you do for a living, balancing work and family can be tough. But when the question of money comes into play, both can get even trickier. The fact is, financial advice for working families tends to focus on the cost of raising children, rather than the costs of caring for aging loved ones or family members with disabilities in need of long-term care.
One in eight Americans provides care for a loved one facing illness, a
ging, or disability. From navigating doctor’s appointments to legal and financial planning, managing prescriptions to administering medical care at home, it’s one of the most important and demanding jobs any of us will ever do. And without good support, information and preparation, it can also be one of the costliest. Family caregivers spend an average of $7,000 of their own money every year on their caregiving responsibilities—that’s roughly the same amount the average American household spends on food. Family caregivers should consider these financial tips to help:
Caregivers also play an important role in securing the financial well-being of their loved ones by protecting care recipients from fraud. Thirty-seven percent of active caregivers say that the person in their care has been exploited or financially abused, nearly double the percentage from just two years ago. Older adults, in particular, are frequent targets of fraudulent and deceptive business practices because of the perception that they’re more likely to trust and act politely toward strangers.
Don’t let a scam artist take advantage of you or your loved one. Take these precautions to protect your loved ones:
AARP has free resources for family caregivers, including multiple articles on smart financial planning, detecting and preventing fraud, and managing a loved one’s money. For more information, please visit www.aarp.org/caregiving, or www.aarp.org/fraudwatchnetwork.
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Coping with the cost of caregiving can be stressful, but these tips from @AARP can help you take care of your loved ones! v/@AmericaSaves! http://bit.ly/2ATojJP