The costs — and benefits — of caring for family members

Caregiving for a loved one is hard work — physically, mentally, financially and emotionally, and more than 20 million Americans took on the role last year.

Many of those who became caregivers said that doing so brought meaning to their lives and they were grateful to provide care, according to a Merrill Lynch and Age Wave report that surveyed more than 2,000 caregivers. But the impacts weren’t all positive — almost three-quarters of respondents said their financial contributions caused them stress, and 92% of them said they do provide financial assistance, such as paying the bills and handling insurance claims (about half of those that do aren’t legally authorized to do so either).

Other ways caregivers support their loved ones? Almost 100% said emotional and social support, 92% said household support, 84% said medical care and 64% said physical care. For those who help family members financially, 30% cut back on expenses, 21% dipped into savings and 24% had trouble paying the bills. Many pay out-of-pocket for these expenses, and may not have planned for it financially, said Surya Kolluri, managing director of global wealth and investment management for Bank of America Merrill Lynch. “There is a reluctance in terms of finances — it is difficult to go over,” he said. Read more….

The costs — and benefits — of caring for family members