5 Unexpected Costs of Being a Family Caregiver

November 13th, 2018 by John Wilson

There are many reasons families choose to become the caregiver for their aging loved ones rather than seeking out assisted living options in OKC. Perhaps one of the biggest driving factors is the cost of these facilities. However, what many fail to realize is caring for a loved one on their own can have unexpected financial consequences. The following are among some of the most unexpected costs associated with this important task.

Lost Wages

Once you realize the amount of time you need to spend taking care of your loved one and providing transportation to and from medical appointments, you may realize it’s better to either reduce your work hours or even quit altogether. Those who fall into caregiver roles may even be overlooked for promotions due to the limitations caregiving can cause. It’s important to consider your long-term financial well-being against making changes to your work schedule to complete this task.

Reduced Retirement Savings

Along with a potential loss of wages because of reduced hours or job resignation comes a lowering in the amount you can save for retirement. Even if you recognize this is only a temporary move until your loved one requires more care than you can give or passes away, there will still be months or years of missed opportunities to save for your own retirement, creating a vicious cycle that can be difficult to break.

Consider the advantages of assisted living communities.

Assisted living communities are often more cost effective.

Increased Cost of Food and Utilities

While moving your loved one into your home makes it easier to care for  them, this decision also comes with considerable additional costs. Having one or two extra people in your home means higher food and utility bills. Because your senior loved one isn’t likely to have much in terms of an income, they won’t be able to contribute as much, which means you may be left to shoulder much of this increase in living expenses.

Personal Health Expenses

Most people don’t think about how taking care of their aging loved ones can have an impact on their own personal health. When you are worried about making sure your loved one is as healthy as possible and being taken care of, it can cause a lot of strain and stress in your life, which can ultimately create a number of personal health problems for you. This means you will need to see the doctor more often, may need to purchase medications and will incur other medical costs over time.

Lost Personal Time

There’s certainly nothing wrong with wanting to spend some of your time with your aging loved ones, especially as you realize time is growing shorter. However, the personal time you will lose taking care of an aging loved one can also ripple outward, affecting your finances and overall well being. Choosing assisted living communities in OKC provides benefits for everyone involved.

If you’re looking for affordable assisted living for seniors, contact us. We can help you realize how this option can save you money.

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