Caregiving
Family caregivers now spend an average of $11,508 a year of their own money, AARP finds
A new AARP survey of 2,538 family caregivers found out-of-pocket costs have climbed about 60% in five years, far faster than inflation, and now take up nearly a third of caregivers' income.
Key facts
- Family caregivers spend an average of $11,508 a year out of pocket, AARP found.
- That is about 60% more than five years ago.
What happened
AARP released a study on October 28 finding that family caregivers spend an average of $11,508 a year of their own money helping an adult relative or friend, NPR reported. That is about 60% more than five years ago, while overall consumer prices rose about 24% over the same period. The costs average 31% of a caregiver's income. Food, housing and medical expenses make up the largest share, and about half of the 2,538 caregivers surveyed said they had made major financial sacrifices.
About 63 million Americans, roughly one in four adults, provide ongoing care, and about 70% of people turning 65 will need help at some point. Medicare does not pay for routine help with daily tasks. Genworth's 2025 survey put 40 hours a week of in-home care at about $72,792 a year. Only six states offer caregiver tax credits, and 14 states plus Washington, D.C., have paid family leave. A separate AARP poll in 43 competitive U.S. House districts found 77% of likely voters 50 and older would be more likely to back a candidate who supports a caregiver tax credit, CNBC reported.
What it means for families
The money families spend on care adds up quietly. Tracking it is the first step to planning, and to claiming any help you qualify for.
For example: a son who drives his father to appointments, buys his groceries and pays for supplies can list those costs for one month to see the real yearly total before deciding on more help.
Keep receipts, since some expenses may count toward tax deductions or state programs.
What this means in New York: New York has paid family leave, which can let eligible workers take paid time off to care for a family member with a serious health condition.
What to do this week
- Write down one month of care spending, including rides, groceries and supplies.
- Keep receipts in one folder for tax time.
- Ask an employer about paid family leave before you need it.
Sources
More from Home care
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- Aide shortages and Medicaid cuts are pushing more home care onto families, think tank says