As any family caregiver will tell you, caregiving is hard. In addition to the stress involved, family caregivers often take a financial hit. But there are ways to get a hand paying for the care you provide, including some new ones created because of the pandemic.
In the recent Caregiving in the United States 2020 study from AARP and the National Alliance for Caregiving, almost one in five survey respondents said they experienced “high financial strain due to family caregiving.” Family caregivers spent an average of $7,000 a year out of their own pockets, according to a previous AARP study.
These studies were completed prior to the pandemic, though, and the financial impact of family caregiving has gotten worse since the outbreak of Covid-19.