Americans Who Care for Aging Parents Suffering Financially and Emotionally

America has a senior health crisis that also produces serious employment implications. Many households have an aging family member who needs round-the-clock care, and nobody is paying the family members who voluntarily provide care and time.

The Department of Health and Human Services says that nearly 70% of people over the age of 65 will need assistance with daily tasks such as eating, bathing, and toileting. In theory, this creates many caregiver jobs. However, most of these positions are filled by unpaid family members and friends, and they are often shared between several individuals.

The strain on caregivers can be extreme as it demands financial resources and time. But, with proper planning, such an issue does not have to be a major financial disruption.

The stats

The Bureau of Labor Statistics reported that more than 40 million unpaid caregivers help adults who are 65 years of age or older. That comes out to be more than 25% of the country's workforce, and more caregivers join the ranks each year.

Several surveys have shown that people who are caregivers suffer their own health problems that are linked to the added responsibility.In some instances, a person must quit a job to become a full-time caregiver. When this happens, the person's spouse usually picks up the slack financially. This can strain and ruin marriages or may cut into savings or funds for a child's college education.

Finding the right balance

While caring for an older loved one can be a rewarding and enriching experience, there is a delicate balance between helping and becoming dangerously overwhelmed. Finding that balance is the most important part of being a truly helpful caregiver. Experts recommend providing some care at home, but hiring professionals to help out.

Family members who are caregivers need emotional support, assistance with paying bills, and assistance with direct care for the aging loved one. Burnout happens too often, and it negatively affects the aging adult and the caregiver.

Tasks such as changing wound dressings or catheters that require skilled nursing assistance should also be handled by qualified individuals.

Funding care

Most parents of adult children don't want to burden them with having to take care of them in old age. They may have their own financial issues to deal with, like the expense of raising their own children and paying their mortgage.

Fortunately, there are a number of insurance products that, if purchased in advance of old age, can help foot the bill of hiring professional caregivers or renting a room in an adult care facility. These include:

• Critical illness insurance

• Long-term care insurance

• Annuity with LTC rider

• Life insurance with LTC rider

• Tax-advantaged savings accounts

Having extra income or coverage can help offset the costs of a family caregiver taking time away from work or quitting a job, or paying for a room in a skilled nursing facility, the cost of of staying in a skilled nursing facility in California in 2025 varies significantly depending on whether you choose a private or semi-private room, and even more so by region. Here's a general breakdown of the average costs:

Statewide Averages (2025):

• Private Room:

  • Monthly: Around $12,167 to $15,633

  • Daily: Roughly $361 to $499

  • Annually: Approximately $131,583 to $182,135

• Semi-private Room:

  • Monthly: Around $9,555 to $12,046

  • Daily: Roughly $314 to $385

  • Annually: Approximately $114,665 to $140,343

To learn more about your options for insurance and financial preparation, discuss your options with us.