Inflation is at the highest level that we have seen in more than four decades, and it is taking a toll on family caregivers. It’s so expensive, in fact, that Amy Goyer—AARP’s family and caregiving expert and an author of two books on the subject—had to file for bankruptcy after taking care of her parents. Once she ran out of money, she started putting expenses on credit cards and things got out of control. “I am a caregiving expert. How did I end up in bankruptcy?†she told the Wall Street Journal. People are living longer, which can be a blessing but also a curse. After more than a decade of caring for her mother, who had a stroke, her father was diagnosed with Alzheimer’s so she had the burden of caring for two parents. There are 53 million family caregivers in America who provide $470 billion per year in free care. On average, caregivers spend 26% of their income on caregiving expenses, according to a 2021 AARP study. The median average cost of care rose 18.5% from 2016 to 2020 and now stands at $55K per year, according to Long Term Care Insurance (LTC) Genworth. Get LTC Insurance while you are still young and its more affordable.
