NEW YORK (Reuters) – Some may know PJ Byrne from the movies, but he appears alongside Leonardo DiCaprio as one of the short-lived brokers in The Wolf of Wall Street. Most likely.
But these days, Byrne’s most important role is closer to home. The role of the son and caregiver.
His 79-year-old father has been suffering from dementia for about 10 years and now requires 24/7 home care by not just one, but often two paramedics. The burden on the family is about 2 million yen a year.
They have been able to bear the financial burden so far thanks to a combination of financial resources such as savings, pensions, long-term care insurance, and the sale of the family’s home.
But Byrne knows that not everyone is so lucky.
“For so many families going through this, sometimes the money just isn’t there,” Byrne said.
How could people with more limited means conceive of such enormous financial resources?
“The straight answer is you can’t,” said Meredith Stoddard, life events team leader at Boston-based asset manager Fidelity. out of the workforce, leaving them stuck.”
Consider some of these figures cited in the Aspen Institute report, The True Cost of Care. Assisted living facilities: $48,612. Private nursing home: $102,204.
These numbers are so high that families often have to perform those tasks themselves. there is a person
No wonder 62% of loved ones and special needs caregivers with disabilities report feeling overwhelmed by financial stress, according to Fidelity.
This is a complex national challenge with no easy answers. A few things to remember on this difficult journey:
tap any resource
When it comes to government support for such families, the US “isn’t exactly known to be a leader in this area,” says Fidelity’s Stoddard.
But Divonne Bodie, author of the Aspen Institute report, said, “Programs exist at the federal and state levels to help families and caregivers.” and Medicare, Supplemental Protected Income, and Social Security Disability Insurance.
“It’s a complex hodgepodge of programs. Some qualify, some don’t, and eligibility can vary from state to state,” explained Body.
Start your research with National Institute on Aging, Local life administration When Social Security Administration.
Maximize Employer Benefits
Giving up your workforce to care for a disabled person may be understandable and respectable, but it can have significant financial consequences, including cutting off income, benefits, and more.
what’s your first step? See if you can take advantage of your company’s benefits and make it work while you keep your job. They may include flexible schedules and work-from-home arrangements. A “care coordinator” who can help you research and select care options that are right for your family. Mental health and counseling resources, plus backup care assistance in the event of the unexpected.
Fidelity’s Stoddard said, “In our survey, 46% of caregivers wouldn’t even consider asking about such benefits.
plan, plan, plan
The best way to deal with potential caregiving costs is to plan ahead. This means securing coverage, such as disability insurance, for yourself and your family, as about one in four adults in the United States lives with a disability, according to the CDC.
Long-term care insurance helps with issues such as home care and nursing homes. Premiums are generally cheaper the earlier you secure coverage.
fidelity is excellent round up of caregiving issues and resources to consider when planning all this.
One bright spot is that the federal governmentNational strategies for supporting family caregiverswhich is in the public comment stage and may bring more support to families in need.
But the harsh reality is that for families like PJ Byrne, caring for a disabled relative is a long and painful process that pushes them to their emotional and financial limits.
“It’s slog, it’s brutal, it’s intense,” Byrne said. Don’t forget to be part of it.”
Edited by Lauren Young and Richard Chang Follow @ReutersMoney
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