Money in the Middle

Sandwich Generation Talking About Money Up, Down and Across Generations

Too High Cost of Caregiving

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If your solution to long-term care is, “my kids will take care of me,” there’s new research that shows just how high a price your children may pay in compromising their own health.

 Employees in the U.S. who are caring for an older relative are more likely to report health problems like depression, diabetes, hypertension or heart disease.

 That costs employers an estimated $13.4 billion per year, according to a MetLife Study of Working Caregivers and Employer Health Care Costs.  And some of those health care costs are borne directly by the employee.

 Here are some more findings:

 * Younger caregivers (18-39 years old) demonstrated significantly higher rates of cholesterol, hypertension, COPD, depression, kidney disease, and heart disease compared to non-caregivers of the same age.

 * Caregivers tend to skip their own preventive health screenings such as mammograms.

 * Caregivers are more likely to miss days of work and often switch from full-time to part-time to care for their elder.

 * Employees providing eldercare were more likely to report fair or poor health in general.

 * Female employees reported higher stress levels at home than non-caregivers.

 * Eldercare may be closely associated with high-risk behaviors like smoking and alcohol.

If you know anyone who is or has been a caregiver, you know this first-hand. 

While eldercare is often thought of as an issue you hit in your 50s, this survey shows caregiving responsibilities across all age groups, with some of the heaviest health toll taken by those ages 18-39.

The report, directed toward employers, calls for better coordination of wellness and eldercare programs, more work time flexibility and stress reduction seminars, among other benefits.  And while reducing employer health care costs is a lofty goal, we can’t help but wonder if in the current economic environment the call for more resources will fall on deaf ears.

But, this report can be a wake-up call to anyone thinking that having their children care for them as they age is a long-term care solution with no consequences.

It’s good reason to figure out now how to finance your own long-term care, whether though your own assets or long-term care insurance. I know the current economy makes that difficult for many of us. 

But after all the years of keeping them healthy, getting them to eat their vegetables, and get exercise — the loss of their good health for elder caregiving is too high a price  to pay.

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Written by Laura Rossman

February 3, 2010 at 7:53 pm

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