11.19.2007

Caring for the Elderly Getting More Costly

Caring for aging loved ones is costing more than anyone has previously estimated. In the past the question on this subject was asked poorly and so the costs of out-of-pocket expenses was underestimated. New survey addresses the financial burden directly -- as much as 10 - 20 percent of earned income.

The out-of-pocket cost of caring for an aging parent or spouse averages
about $5,500 a year, according to the nation’s first in-depth study of
such expenses, a sum that is more than double previous estimates and
more than the average American household spends annually on health care
and entertainment combined.Of the 1,000 respondents, only 2 said they had never laid out any
money. The rest said they spent on average $5,531 a year, or 10 percent
of their salary. The burden was heavier for those who earned less, 20
percent for respondents with incomes of $25,000.


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