The cost of caring for an aging parent or spouse averages about $5,500 a year, according to a recent survey by the National Alliance for Caregiving. A previous survey 3 years ago put the average at $2,400 a year.
The highest out-of-pocket costs were incurred by long-distance caregivers (almost $9,000 a year), followed by those who live with their ailing relative. Caregivers who live nearby spend the least.
The survey also found that the most common expenses for caregivers are household goods, food, transportation, medical expenses, clothing, and home repair and maintenance.
The most common strategy for covering these costs is for caregivers to cut back on their own spending on things like leisure activities, vacations, home improvements, retirement savings, and personal health care.
It is estimated that 34 million Americans provide care for older family members or friends. If you are one of them, Medicare has a free booklet called Guide For Family and Friends of People With Medicare that you may find useful. For your free copy, click here.
Questions about Medicare? Email to info@medicarebenefits.com
Source: http://www.medicarebenefits.com/what_s_new_in_medicare.html
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