Elder Care in Birmingham: Economic and Financial Challenges Faced by Family Caregivers

Balancing job life and providing care to an aged individual can drastically affect family finances. Although the caregiving role is rewarding as it improves your loved one’s quality of life, it is also complex and demanding. It takes a toll on caregivers physically, emotionally, and financially as they sometimes have to ignore their job responsibilities to meet the care recipient’s needs. Hiring a trusted caregiver for elder care in Birmingham can prevent many difficulties. With their help, you can efficiently balance your work life and caregiver duties. Some economic hardships caregivers usually face are:

Out-of-Pocket Expenses for Caregivers

When meeting daily needs or purchasing items for your aged loved one, you could be down and out more than you think. These expenses are not just limited to medication. They may include transportation, three-time meals, medical supplies, and other daily necessities. These out-of-pocket costs can compile up to thousands of bucks spent annually on your elderly loved one. A study reveals that the primary cause of out-of-pocket expenses is medications for an aged or disabled loved one.

Family Care Providers with Debt

Undoubtedly, any loan, be it a house loan or credit card, brings financial instability to your life. Loans are one of the tremendous burdens one can come across. As a family caregiver, paying back debts becomes unmanageable. It is because you’re spending too much time providing care to your loved one and neglecting your employment needs. Thus, there is a gradual decline in your work performance which might result in losing a job. For those struggling with a debt situation, feel free to consult our financial counsellors at Live-in Care Direct.

Care Providers Living in a Moment

Savings is a crucial part of having a stable future. However, this part is at risk for caregivers because it gets adjourned for giving caregiving duties. If you’re an adult providing elder care to your ageing parents, your retirement plans could be postponed. Don’t worry; solutions are available to get your plans on track. Know that having financial goals for the future is essential. So, a stable strategy that fits your budget is necessary to live stress-free golden years. Some ways to make extra money could be working part-time, downsizing, or having an undisputed budget.

Inability to Save: No Savings

The unanticipated or non-predictable can happen when you are a family care provider. Suppose you got into an emergency related to money. Prior savings can help you resolve this financial crisis. However, many family caregivers have no savings. Thus, the idea of having any money in the bank sounds absurd. Consult one of the best-in-class counsellors at Live-in Care Direct and discuss how to cope with emergency scenarios. Otherwise, you might end up having a large amount of debt on your head that will worsen your situation even more.

Conclusion

Unarguably, the British Government offers payment to support care providers. They could get around £70 a week if they care for someone for about 35 hours a week. The help is also available for some particular senior activities, whether government-funded elder care in Bristol or rental assistance. For more information, contact us now!