Caregivers of Parents
Social Security Disability Lawyer
Many people who have elderly parents make the decision to be the parent’s caregiver instead of placing them in a nursing home. They want to make sure their parent is well taken care of and happy and make the commitment to never risk the health and safety of their elderly parent by sending them to a nursing home.
Many caregivers assume that it is less expensive to do all of the work themselves instead of utilizing outside services to help in their parent’s care. As a social security disability lawyer from a firm like The Law Offices of Mark T. Hurt can explain, before making the decision to be a full-time caregiver, it is important to know all of the costs ahead of time so you can be well-prepared.
One of the hidden costs of being a caregiver is the income they will lose because they will have to give up their current job. Depending on how old the adult child/caregiver is, this can mean taking an early retirement if they qualify or a loss of wages and benefits.
If the person is a full-time caregiver for several years, it can be very difficult to reenter the workforce. The job market can be very competitive and a gap of employment for a few years may turn off a potential employer, even though there was a truly valid and valuable reason for not working.
Not being able to work is not the only way a caregiver can be impacted financially. Studies show that approximately half of all caregivers will spend their savings and/or retirement savings to support the family while they take care of their elderly parent. There is often no way to ever rebuild those accounts.
Taking an early leave from the workforce can also have an impact on the amount of Social Security retirement benefits the caregiver will receive since they will lose out on several years of contributions.
In addition to the financial impact of being a full-time caregiver, there can also be significant health issues, as well. The job of caregiver is a stressful one, which can have a negative impact on their physical and emotional health. This often means more medical issues, which can also add more financial stress because the caregiver may not have the same health insurance benefits they did when they were working.
It is estimated that employers lose $34 billion each year because of employees who must leave to take care of elderly family.
Have You Decided to Have Your Elderly Parent Live with You?
If you have made the decision to have your elderly parent move in with you, it is important to know you have other choices. It is not necessary to quit your career in order to take care of your parent. Many caregivers find that by hiring the services of an agency that offers in-home elderly nursing services, they not only can breathe a sigh of relief that their parent is being well taken care of, but they also are not forced to quit their jobs and face financial difficulties.