It seems that everyone eventually is faced with caring for a loved one while working a job and trying to hold down the fort at home. 🏰 For those of who are already doing that, you're an absolute hero!🦸 (Just in case no one's told you lately!) More and more Americans are in the same boat and barely have time to get their superhero capes to the dry cleaners. ✨
The good news? Some states offer paid caregiving leave, helping families stay financially afloat while caring for family members. 👪 The bad news? Many states don't offer it, but there are still things you can do to protect your paycheck. 💸
Here’s Five Fast Facts on the cost of caregiving:
- 🛏️ The Night Shift - According to research from AARP, roughly 38 million Americans are currently caring for loved ones. Additionally, 60% of those taking care of loved ones with disabilities or serious health concerns also work a job.
- 🐻 Care Bears - AARP also crunched some numbers to try to figure out the actual cost of caregiving. According to their calculations, it's estimated that caregivers provide 36 BILLION hours of care per year at a hypothetical hourly rate of $16.59 per hour. In 2021, they estimated the total cost of family care at $600 billion.
- 🪙 State of Affairs - Currently, 14 states have some kind of paid leave legislation: California, Colorado, Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, Oregon, Rhode Island, and Washington. Benefits differ from state to state, including the percentage of income you're entitled to and how long payments last.
- 🫂 Lean On Me - Even if your state doesn't offer income-related benefits, many states have other forms of caregiving support available. Check in with your local government and associated non-profits for information on things like medical assistance and tax credits.
- ⏰ Taking a Time Out - Ask your employer about any caregiving benefits they offer. If you need to step away from work but can't afford to skip a paycheck, ask if you can use sick time or vacation days instead. Also, according to the Family and Medical Leave Act (FMLA), workers have rights to unpaid, job-protected leave with continued health insurance in certain circumstances. Have a chat with your HR department if you have questions.
🔥Bottom line: Caring for a loved one with medical issues or an aging parent is a tough gig. Even if you're not taking time off work, it never hurts to let your employer know what's going on in case of an emergency. Also, make sure you know your rights and benefits should you have to dip out unexpectedly. While we're on the topic of loved ones, can you guess how many folks out there are *truly* financially free from their parents? Head here for the answer!
Are you caring for an aging family member?
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