Unpaid caregivers play a crucial role in supporting older adults with Alzheimer’s and dementia, with a new study revealing that the value of their work would exceed a six-figure annual salary if compensated. According to research by Salary.com and sponsored by Otsuka America Pharmaceutical, family and friends serving as unpaid caregivers would earn over $114,000 a year.
This study sheds light on the financial strain experienced by caregivers, with an additional 9.5 million individuals taking on caregiving duties in the last five years. The total number of caregivers now exceeds 53 million, facing significant losses in wages and retirement benefits estimated between $303,000 and $659,000.
Women caregivers who leave the workforce early may lose an average of $131,351 in Social Security benefits over their lifetime, in addition to dealing with emotional and physical stress that can lead to burnout. These caregivers take on a variety of roles akin to 12 distinct jobs, working overtime and weekends with no end in sight.
The societal contribution of family caregivers for Alzheimer’s and dementia patients is valued at around $350 billion, but individual caregivers bear immense burdens that impact their quality of life. As the number of older adults in need of care increases, it is crucial to support these caregivers who are essential to the healthcare system.
The federal government has taken steps to better support family caregivers, such as the Centers for Medicare and Medicaid Services drafting the GUIDE model to provide caregiver resources and incentivize healthcare companies to participate. Memory Care Business highlights the importance of programs like GUIDE in supporting caregivers in the senior living industry.
