Anyone who’s been a caregiver to a friend or family member knows the impacts to their own life are not just physical and emotional but can be financial as well. AARP’s 2021 Caregiving Out-of-Pocket Costs Study
released last month quantifies the average expenses caregivers incur for their loved ones’ housing and medical care. They are significant.
The AARP study reports that in the United States, about 48 million individuals provide unpaid care to an adult family member or friend. According to AARP’s research, 78% of caregivers report having out-of-pocket expenses. The average annual amount they spend on caregiving is $7,242. This total is, on average, 26% of their income.
AARP calculated even greater costs for the care of those with dementia, mental health challenges, and higher intensity needs such as help with activities of daily living and medical tasks. Financial strain is reportedly greatest among Hispanic/Latino and African American caregivers.
We believe InnovAge’s Program of All-inclusive Care for the Elderly
, or PACE, can help alleviate the financial strain many families face. PACE covers 100% of medically necessary care, including medical, dental, and more. It also includes meals and transportation. Most participants are able to live independently in their homes. However, for those who require nursing home or skilled living facility care, those expenses are also covered.
InnovAge’s medical experts are dedicated to providing personalized healthcare for each person enrolled in the program. Each senior has an assigned team of 11 experts who develop a comprehensive, personalized care plan. This care team – including physicians, nurses, therapists, dentists, and social workers – meets daily to review cases and adjust the plans to individuals’ needs, as appropriate. InnovAge provides and coordinates all healthcare
for the older adults enrolled in PACE. This includes specialty care and medication management.
Put simply, InnovAge takes on the health-related needs of its PACE seniors, giving family members the space and time to be more of a loved one than a caregiver. In this way, we believe PACE is life-changing, not just for seniors, but for those who love them.