The unpaid work provided by family caregivers in the U.S. is valued at an estimated $600 billion, according to AARP”™s Valuing the Invaluable data report series. This represents a $130 billion increase in unpaid contributions from family caregivers since the last report was released in 2019 and is greater than all the out-of-pocket spending on health care in 2021.
AARP reported that adults ages 65 and older will outnumber children under the age of 18 for the first time by the year 2034. While this happens, the percentage of available family caregivers is projected to decline relative to the number of older adults who will potentially need long-term care. Furthermore, family caregivers will continue to face the dual demands of employment and caregiving responsibilities, which often include caring for both an elderly adult and children.
“Family caregivers are the backbone of long-term care in this country,” said Susan Reinhard, senior vice president, AARP Public Policy Institute, and a lead author of the report. “The care they provide is invaluable to those receiving it. But this is not just a family issue: it impacts communities, employers, and our health and long-term care systems. We must treat family caregivers as the valuable resource that they are by providing them the support they need to care for loved ones while also caring for themselves.”
Photo courtesy Blue Cross Blue Shield
