The financial toll on family caregivers in America

SEATTLE — Being a family caregiver is an act of love, but it also comes with significant responsibilities and real financial costs.

AARP recently released a new report that sheds light on what’s facing America’s family caregiver. Over the past decade, there’s been an increase in the number of family caregivers. In 2015, it was 43 million and today it’s 63 million.

“They’re having to take on a wider range of activities and supporting their family caregivers, which includes the financial planning and so forth,” said Margeurite Ro, state director of AARP. “One of the things that’s so important to recognize is that it’s family caregivers who are also donating or giving from their savings and their expenses. And about half of those folks who were surveyed say that it has a negative impact on them.”

Caregivers spend an average of $7,200 per year out of their own pocket for things like transportation, medical equipment, meals, or rent.

Preparation can make a big difference when it comes to caregiving and Linda Davenport from BECU Trust Services says it is never too late to put a plan together.

“Even small contributions, recurring contributions into an investment account can really make a big difference over time. That’s why connecting with a financial advisor and estate planning advisor can really help, you know, bring that plan together,” she said. “Financial advisors and estate planning advisors can assist with putting that plan together to make sure that those investments are working for the caregiver for their current income needs and future income needs.”

The financial advisors and estate planning advisors at BECU can help members navigate through these plans. In addition, BECU offers free education on topics like investing, budgeting and estate planning.

Davenport recommends listing all the bills that need to be paid, all financial accounts and user ID and passwords for those accounts that someone caring for you in the future can access.

“Individuals that are planning on being a caregiver in the future should really have transparent conversations with the person that they’re going to be caring for,” Davenport said. “To set that plan kind of in place now and also talk to a trusted person that may be your caregiver to start your own plan, you know, for the future.”

Caregiving in general can be difficult so we shouldn’t have to do it alone.

“We have a website specifically for caregivers here in Washington, which is airport slash caregivers WA,” Ro said. “But on that you find a number of resources, including our financial workbook, which helps you put all of the information in one place.”

You can find links to many caregiving resources, including AARP’s free Financial Workbook for Family Caregivers here.

Segment Producer Suzie Wiley. Watch New Day Northwest at 11 a.m. weekdays on KING 5 and streaming live on KING5.com. Contact New Day.