Online Buzz: Suggestions to Diminish Caregiver Expenses
Caring for a loved one is truly a labor of love for millions of American family caregivers, but for many, the devotion of time and tenderness comes with personal financial sacrifice. The AARP "Family Caregiving and Out-of-Pocket Costs: 2016 Report" estimates that U.S. family caregivers spend a yearly average of $6,954 for out-of-pocket costs related to caregiving. Hispanic/Latino caregivers spend $9,022 annually, which adds up to 44 percent of their income. According to the report, African-Americans spend an average of 34 percent of their annual income on family caregiving and whites 14 percent.
If you are a family caregiver, you should be aware of all the cost-saving benefits to which you might be entitled. Depending on the state in which you live, these benefits may include direct cash payments or breaks to your federal income tax.
|Find information about cost-saving benefits caregivers should know about in the Right at Home blog, where you will always find the latest information about aging, caregiving and home care.|