There are 40.4 million unpaid caregivers of adults ages 65 and older in the United States, according to data from the Bureau of Labor Statistics. The unpaid care they provide is estimated to be worth $470 billion per year in a report by the AARP Public Policy Institute.
Many caregivers are hesitant to move a loved one to a residential care facility — whether due to feelings of guilt, concern about the quality of care, or the expenses associated with long-term care — and they mistakenly believe that caring for their loved one at home is more affordable than professional senior care.
However, providing in-home care is fraught with financial risks and personal sacrifices, too.
Here’s a look at four costs of caregiving that should be considered before committing to becoming the full-time caregiver for an older loved one.