QUICK READ: Caring for an aging parent is a compassionate—but often stressful—undertaking. It can take a huge emotional toll on everyone in a family, but for women, who are far more likely to be caregivers vs. men, the financial impact can hit especially hard. But in addition to the costs, the psychological issues of getting older are sometimes very difficult to understand.
KEY TAKEAWAY: The current economic cost of unpaid family care is about $67 billion and includes reduced work hours and foregone earnings for Americans 20 to 64 years old who take time off from their jobs to help a loved one manage serious medical issues. This is based on population demographics and wage data from 2013.
KEY TAKEAWAY:The massive generation of Boomers, 75 million strong today, is creating both an age wave and a caregiving crunch as it moves into its seventh decade. The estimated economic value of family and friend caregiving is roughly $500 billion per year—3 times greater than Medicaid’s expenditures on professional long-term care. Why do pharma ignore them?
KEY TAKEAWAY: The U.S. is not prepared for the coming crisis in healthcare that could have a damaging effect of caregivers as well as patients. The crisis consists of two parts: first, there is the rising cost of new prescription drugs, especially those to treat cancer. Second, is the costs of extended care at a time when Congress is trying to gut Medicaid.
According to a report from Pew Internet four in ten adults in the U.S. are caring for an adult or child with significant health issues, up from 30% in 2010. Caring for a loved one is an activity that cuts across most demographic groups, but is especially prevalent among adults ages 30 to 64, a group traditionally still in the workforce. [inlinetweet prefix=”” tweeter=”” suffix=””] When asked about the specific impact of the internet 59% of caregivers with internet access say that online resources have been helpful to their ability to provide care and support for the person in their care and 52% of caregivers with internet access say that online resources have been helpful to their ability to cope with the stress of being a caregiver.[/inlinetweet] So why isn’t there more content on drug websites targeted at caregivers ?
KEY TAKEAWAY: With an aging Baby Boomer population, the biggest threat to those that continue to try and build careers is being a caregiver. More than three quarters (78%) of caregivers are incurring out-of-pocket costs as a result of caregiving. AARP estimates that family [inlinetweet prefix=”” tweeter=”” suffix=””]caregivers, on average, are spending roughly $7,000 per year ($6,954) on out-of-pocket costs related to caregiving in 2016.[/inlinetweet]