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Financial Security When Caregiving For A Parent
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26 months ago
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We all want to protect our homes and families. We buy life, home, and auto insurance. Some of us even buy disability or long-term care insurance. But what happens if one of our parents or loved ones ends up needing care?

Our parents are aging and most likely will need our help with basic activities like bathing, eating or making meals, or getting dressed at some point due to a fall, surgery, or medical condition. Many employers have been adding paid maternity and paternity programs to their employee benefits, but there is a gap for paid leave to care for our elders. There are a lot of family members who would like to be able to provide care for older loved ones who may need help recovering but cannot afford to take unpaid time from work or to pay for someone else to provide the care.

Hiring someone can be expensive. On average, a home health aide costs $4,195 per month for 44 hours of service per week. Therefore, many family members choose to be the caregiver to avoid the high cost and provide the care they feel is best for their family. Approximately 48% percent of caregivers for family members are 18-49 years old.  However, caregiving while working is not easy. 

Working caregivers are often faced with financial hardships and have difficulty finding balance. In a recent study, 50% changed their work schedules around while working the same number of hours so that they could help a parent. 41% worked fewer hours overall. 29% needed to take a leave from their job, while