New report reveals stress on family caregivers’ health and finances; identifies policies to help support caregivers
WASHINGTON, DC — Family caregivers in New Jersey provided more than 1 billion hours of care—worth an estimated $13.6 billion—to their parents, spouses, partners, and other adult loved ones in 2013, according to AARP Public Policy Institute’s new report, Valuing the Invaluable: 2015 Update. The total estimated economic value of uncompensated care provided by the nation’s family caregivers surpassed total Medicaid spending ($449 billion), and nearly equaled the annual sales ($469 billion) of the four largest U.S. tech companies combined (Apple, Hewlett Packard, IBM, and Microsoft) in 2013.
Family caregiving for relatives or close friends with chronic, disabling, or serious health problems so they can remain in their home is nearly universal today. In 2013, about 1.12 million family caregivers in New Jersey helped another adult loved one carry out daily activities (such as bathing or dressing, preparing meals, administering medications, driving to doctor visits, and paying bills).
“This new report demonstrates that we need to do more to assist the more than one million family caregivers in our state,” said AARP New Jersey State Director Doug Johnston. “The implementation of the CARE Act earlier this year was a great start, but, just as the work never seems to end for family caregivers, there remains work to be done to help make life easier for them.”
Family Caregivers in the Future
As Americans live longer and have fewer children, fewer family members will be available for older adults to rely on for everyday help in the future. The ratio of potential family caregivers to the growing number of older people has already begun a steep decline. In 2010, there were 7.2 potential family caregivers for every person age 80 and older. By 2030, that ratio will fall sharply to 4 to 1, and is projected to drop further to 3 to 1 in 2050.
Impact of Caregiving on Jobs, Money, and Health
Family caregivers report that the stress of caregiving affects their physical and emotional health, finances, and their jobs.
· More than half (55%) of family caregivers report being overwhelmed by the amount of care their family member needs.
· Nearly 4 in 10 (38%) family caregivers report a moderate (20%) to high degree (18%) of financial strain as a result of providing care.
· In 2014, the majority (60%) of family caregivers had full- or part-time jobs.
“Valuing the Invaluable: 2015 Update” Methodology
The estimates in this report by AARP’s Public Policy Institute are based on a meta-analysis of 11 U.S.-based surveys of family caregivers conducted between 2009 and 2014. Estimates are based on about 40 million caregivers providing an average of 18 hours of care per week to a parent, spouse/partner, or other adult loved one, at an average value of $12.51 per hour. ‘Caregiver’ is defined as an adult age 18 and older providing care to a parent, spouse, or other adult loved one with their daily activities such as bathing or dress, preparing meals, and/or managing their finances, currently or within the last month.
· Caregiving in the US: 2015 Report
· Home Alone: Family Caregivers Providing Complex Chronic Care (October 2012)
· AARP’s I Heart Caregivers Initiative