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54 ASK THE EXPERT
Financial Costs for the Family an extremely high level of stress and said their
Women routinely serve as caregivers for relationships with their family and spouse were
spouses, parents, in-laws and friends. While affected. More than half did not feel qualified
some men do serve as caregivers, women to provide physical care and worried about the
spend approximately 50% more time caregiving lack of time for themselves and their families.
than men. Providing care to someone with dementia
The financial impact on women caregivers is increases the levels of distress and depression
substantial. In another Genworth study, Beyond higher than caring for someone without demen-
Dollars 2015, more than 60% of the women tia. People with dementia may wander, become
surveyed reported they pay for care with their aggressive and often no longer recognize family
own savings and retirement funds. These members, even those caring for them. Caregiv-
expenses include household expenses, personal ers can become exhausted physically and
items, transportation services, informal caregiv- emotionally, and the patient may simply become
ers and long-term care facilities. Almost half too much for them to handle, especially when
report having to reduce their own quality of the caregiver is an older person providing care
living in order to pay for the care. for his/her ill spouse. This can lead to feelings of

In addition, absences, reduced hours and failure and guilt. In addition, these caregivers
chronic tardiness can mean a significant reduc- often have high blood pressure, an increased
tion in a caregiver’s pay. 77% of those surveyed risk of developing hypertension, spend less time
missed time from work in order to provide care on preventative care and have a higher risk of
for a loved one, with an average of seven hours developing coronary heart disease.
missed per week. About one-third of caregivers What Can Be Done?
provide 30 or more hours of care per week, and Planning is important. Challenges that care-
half of those estimate they lost around one-third givers face include finding relief from the
of their income. More than half had to work emotional stress associated with providing care
fewer hours, felt their career was negatively for a loved one, planning to cover the responsi-
affected and had to leave their job as the result bilities that could jeopardize the caregiver’s job
of a long-term care situation.
or career, and easing financial pressures that
Caregivers who lose income also lose retire- strain a family’s budget. Having options—ad-
ment benefits and social security benefits. ditional caregivers, alternate sources of funds,
They may be sacrificing their children’s college respite care for the caregiver—can help relieve
funds and their own retirement. Other family many of these stresses. In addition, there are a
members who contribute to the costs of care number of legal options to help families protect
may also see their standard of living and hard-earned assets from the rising costs of long
savings reduced. term care, and to access funds to help pay for
Emotional and Physical Costs to Caregivers that care.
In addition to the financial costs, caregivers The best way to have those options when they
report increased stress, anxiety and depression. are needed is to plan ahead, but most people
The Genworth study found that while a high don’t. According to the Genworth survey, the
percentage of caregivers have some positive top reasons people fail to plan are they didn’t
feelings about providing care for their loved want to admit care was needed; the timing of
one, almost half also experienced depression, the long-term care need was unforeseen or
mood swings and resentment, and admitted unexpected; they didn’t want to talk about it;
the event negatively affected their personal they thought they had more time; and they
health and well-being. About a third reported hoped the issue would resolve itself.