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- The monetary value of family caregiving.
The monetary value of family caregiving.
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What dollar figure would you place on caregiving? Some folks asked that very question and came up with a model.
Did you think family caregiving would surpass the value of some of the largest companies in the world? I’m not surprised it does and am grateful this methodology is public. Use the above link to learn more about the model and research. This analysis is crucial for all sectors to recognize caregiving is the norm, not the exception. It also reminds the public of one thing. At present, there is no one solution, product, or service to “solve” caregiving challenges.
Caregiving is a demanding and often challenging role that requires individuals to make a multitude of difficult decisions. Many caregivers find themselves in situations where they must make hard choices that can significantly affect various aspects of their lives. For some, the responsibilities of caregiving have a direct impact on their employment, leading to reduced hours, missed opportunities for advancement, or even the necessity to switch to more flexible, albeit less rewarding, positions. The demands of caregiving can be so overwhelming that some individuals have no alternative but to leave their jobs entirely, sacrificing their professional aspirations and financial stability to provide the necessary care for their loved ones.
As chronic illnesses such as dementia continue to take a toll on patients, families, and healthcare, it becomes increasingly clear we need proactive options designed specifically for caregivers. According to new research, the price of dementia in the US will hit $781 billion this year alone! Sadly, that number doesn’t only represent hospital or medical costs.
“Only about 30% of the $781 billion — roughly $232 billion — is tied to direct medical and long-term care expenses. That includes $106 billion covered by Medicare, $58 billion by Medicaid and $52 billion paid out-of-pcoket by individuals and their families. Another $16 billion comes from private insurance and other payers. . . The majority of the cost — $549 billion — comes from factors that rarely make it into the spreadsheet. These include unpaid caregiving, lost income and profound decline in quality of life.”
The work that caregivers do supporting chronic illnesses, especially complex illnesses such as dementia could benefit from the collective knowledge of healthcare professionals. Imagine taking a loved one to an appointment and having clinicians provide a range of resources (medical and otherwise) for caregivers without being asked. Consider the years of experience and understanding clinicians have. Marrying that experience with the very practical tasks associated with care would result in consistent, productive, and proactive discussions. It would be game changing!
More insights are coming to the surface about the disease category of dementia. It represents Alzheimer’s, Lewy body, and additional types of dementia. While the work continues to understand the causes and preventative measures, more needs to be done.
At present, 13 states and the District of Columbia offer paid leave. The Society of Human Resource Management (SHRM) continues to advocate for changes to the Family Medical Leave Act (FMLA). And, SHRM is encouraging employers all of sizes to look at including a range of benefits to support and retain caregiving employees. Options include mental health support, financial advising, and more. Benefits can also be “home-grown.” The Cleveland Clinic supports its employees with a Caregiver Hardship Fund. The fund provides “physically, mentally, emotionally, spiritually and financially” and also allows other employees to help provide some of that support. I love this!
At the end of the day, “employers can’t afford to be passive. They must actively identify the pressing health challenges their workforce faces—from mental health struggles and poor air quality due to wildfires, to new treatments such as GLP-1 weight-loss medications.” Employers can help with benefits, information, and resources. The American Federation of Teachers (AFT) offers free town halls to their membership. Discussions cover topics including perimenopause, ADHD, mental health and more. They even use social media to share soundbites from these town halls or Q&As.
Perhaps you have ideas that could help your company. Find your Employee Resource Group to see if you can make it happen. If you need to conduct a bit of research and conduct a pilot, go for it. Reach out to me if you want a sounding board. And of course, reach out to your local officials to let them know the issues that matter to you. Everyone has a part to play in making things better.
The National Alliance for Caregiving’s President, Jason Resendez was interviewed about the impact of Medicaid cuts. Read his interview here.
If you’re familiar with Mel Robbins book, “The Let Them Theory,” check out our latest podcast episodes. We discuss the caregiver take on “Let Them.”
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Thanks for reading Care Fully.
Erna