Merrill Lynch and Age Wave recently collaborated on a research study about non-professional or informal caregivers for elderly individuals. These caregivers include family members, friends, and self-employed caregivers who offer their services on a full or part-time basis. The report highlights the priorities and preferences of these informal caregivers, whether they are providing in-home care or supplemental care for a loved one residing in a facility. Due to the aging of the Baby Boomer generation, there is now a caregiving crunch, meaning that the need for caregiving is causing family members to provide more informal caregiving than ever before.
According to the study, 40 million Americans are now providing some informal caregiving duties for almost 50 million elderly adults. The need for informal caregiving has grown exponentially, as half of the caregivers only began their duties within the past year. At this point, seven in ten Americans who are turning 65 today will need some level of prolonged care in their lives. Overall, family caregivers provide more than 37 billion hours of care each year. This amounts to about $500 billion in informal caregiving, which is three times greater than Medicaid’s annual expenditures on long-term care. The main reason for the prevalence of informal caregiving is the staggering cost of professional care, which ranges on average from $46,000 per year for in-home professional health care to $82,000 per year for a semi-private room in a nursing home.
The Wisconsin elder abuse lawyers of Boller & Vaughan know how devastating it can be when you entrust your loved one to the care of others, only to have that trust completely betrayed. Our attorneys are dedicated to protecting your rights and those of your loved ones in all types of circumstances. We handle nursing home abuse and neglect cases on a daily basis, and we know how to get the relief to which you may be entitled. Don’t hesitate to fight back against a neglectful or abusive nursing care and assistance living facility that has caused harm to your loved one. Contact us today and see how we can help.