Caregiving

Paying for Mom’s or Dad’s prescriptions, doctor’s appointments, or medical monitoring devices can get expensive. You may have had to make home modifications or offer financial assistance to help your older loved ones support themselves. 

These expenses can add up; in fact, American families spend almost 26% of their annual income on caregiving, including 17% on medical costs. Fortunately, there are tax breaks available for caregivers that may offer some financial relief. 

My friends tell me one of the hardest things they’ve had to do is bring up “The Talk” with their parents. It’s that difficult conversation no one wants to have.

It may be telling them it’s not safe for them to live alone anymore, they shouldn’t be driving, they need (more) help, or that they need to see a doctor or that your safety concerns about their house. 

Like most adults, I’ve second-guessed many of my own decisions. While most were made with my own future in mind, that all changed when I became a family caregiver for an ever-increasing number of older adults – a time that also coincided with raising two young children, one with health challenges.

According to the AARP, 61 percent of employees work full or part-time before going home to their second job: caregiving for an aging loved one. Managing both caregiving tasks and work responsibilities can be challenging, and without support, it can lead to financial hardships and declines in both physical and mental health – all of which can directly impact an individual’s performance at work.