How To Pay Family Members For Providing Eldercare

About 40 million people in the U.S. are full or part time caregivers for a member of their family. Two thirds of these caregivers are women and half of these women are working outside the home to provide for their families.

Unfortunately these caregivers often have to reduce their working hours or quit their jobs to provide the care that a family member requires. As a result they often lose seniority or a reduction in their retirement or social security benefits because of their decision to leave the workforce.

AARP has reported that these family caregivers spend an average of $7000 per year on out of pocket expenses to care for their family member. . For patients with dementia the costs exceed $10,000 per year.

Source/more: Forbes

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David Wingate is an estate planning and elder law attorney at Estate and Elder Planning by David Wingate. The Estate and Elder Planning office services clients with powers of attorneys, living wills, Wills, Trusts, Medicaid and asset protection. The Elder Law office has locations in Frederick, Washington and Montgomery Counties, Maryland.

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