RICHMOND, Va., June 12, 2013 /PRNewswire/ -- According to recent data from Genworth men are taking an increasingly active role in caregiving. The data also shows the impact of long term care on caregivers and care recipients; money, time spent and emotional issues could be minimized if those involved take a more proactive role towards planning.
The data reveals that caregivers on average spend $8,080 on out-of-pocket expenses, with one-third providing 30 or more hours of care per week. In addition, more than half (58 percent) reported cutting into discretionary spending including eating out, new clothes or a new car because of caregiver responsibilities. Care recipients are also impacted as a result of their care needs with more than a third admitting to cutting back on family celebrations (36 percent) and basic needs like groceries (32 percent).
"The financial impact of caregiving is not the sole reason for making a plan," said Wendy Boglioli, National Spokesperson for Genworth. "Beyond dollars, there are emotional and even physical issues that caregivers and care recipients face that can often be avoided by simply having this critical conversation and by coming up with a care coordination plan should a long term care event occur. As the summer months kick off and with Father's Day, graduations and barbeques on the calendar, Americans will be spending a lot of time with their families. Family members can take advantage of these opportunities to initiate a conversation with loved ones about their long term care wishes, including who will be providing care and where that care will be given."
Study data also reveals that the role of caregiver, predominately held by women (52%), is seeing an influx of males (48%). The average caregiver is 49 years old and 61 percent are married and earning an average income of $67,900 a year. More than half (59 percent) are caring for a parent, and 44 percent were or are caregivers for three years or more."What's concerning about the statistics uncovered, is that the people who are often providing the care are at life stages where they also need to start thinking about their own care plans, but are not," Boglioli continued. "Now is that time. Lead by example. Sit with your loved ones and map out their care wishes in addition to how you would like to receive care, should the need arise, and how you will make it all work. It will help you and those who may need to care for you immensely in the long run."