A new study from AARP shows that 34% of adults in Mississippi are providing unpaid care for their loved ones, making for one the highest rates in the nation.
November is acknowledged as “National Family Caregivers Month,” and according to AARP’s research, 80% of caregivers nationwide pay out of their own pockets to meet loved ones’ needs. That overall number lands at an average of $7,200 being paid out each year by caregivers, or 25% of their income.
Across the U.S., many caregivers face financial setbacks, taking on debt, draining savings, or struggling to afford basics like food and medicine, the study noted. Many caregivers balance work and caregiving duties, with some forced to cut hours or leave their jobs entirely.
“Caregivers are the invisible backbone of our broken long-term care system and economy, and too many are paying the price out of their own pockets, risking their own financial security by taking on more debt, using up savings, and leaving bills unpaid,” said Nancy LeaMond, AARP’s executive vice president and chief advocacy and engagement officer.
“This new data offers the clearest picture yet of America’s caregivers nationwide and a roadmap for the change they urgently need,” she continued. “AARP is urging for policy solutions at both the federal and state levels to address this growing crisis with commonsense solutions that help family caregivers save money and time — and get the support they need.”
The demand for care is expected to rise sharply as the population ages, LeaMond added. She and others at AARP hope to see state governments and the federal government pass legislation to allow tax credits of up to $5,000 for working caregivers, expand flexible spending and health savings account uses for caregivers, ensure Medicaid and other community-based care options allow family caregivers to earn compensation, and integrate caregiver recognition and training into healthcare systems.
AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering people 50 years and older through advocacy, information, and services.
