The value is more than the annual sales of Wal-Mart, for the nation.
AARP calls it “Valuing the Invaluable”: a new report totes up the unpaid care given by loved ones to family members with chronic, disabling, or serious health problems.
“It’s worth an estimated $5.93 billion. This is unpaid care that they’re giving to parents, spouses, partners, and other adult loved ones. The value is more than the annual sales of Wal-Mart, for the nation,” said AARP's Jennifer Millea.
More than half of caregivers describe being overwhelmed by their tasks, and nearly 40 percent report a moderate or high degree of financial strain.
Connecticut’s CARE Act, which takes effect in October, will help keep caregivers better informed about their loved one’s care -- especially as they take on more complex tasks -- to make sure the loved one doesn’t wind up back in the hospital.
“Folks are taking on wound care, and doing injections for their loved ones, and taking on some types of things that go a little bit above and beyond what we might normally think of,” Millea said.
AARP said changing demographics mean the ratio of potential caregivers will drop from seven-to-one to three-to-one by 2050.
“Today, Americans are both living longer and having fewer children. Fewer family members are going to be available for older adults to rely on for this type of everyday help. That’s one reason we need to do much more in public policy, in the workplace, and in health care to support these family caregivers,” Millea said.
And AARP said it supports paid family medical leave and tax credits for care-givers to make sure patients can continue to be cared for by their loved ones.