The Institutional and Social Costs and Challenges of Not Changing-How We Think About Caregiving
Let’s dig into some of the institutional challenges and costs we’ll face if we don’t change our perspective on caregiving.
The Costs of Traditional Caregiving to the Economy
Traditional caregiving is a huge burden on the US economy as a whole:
- Over 43 million people in the US currently provide caregiving for relatives.
- The economic value of informal caregiving services provided by employees is over $500 billion a year.
- Lost business productivity due to caregiver needs is estimated at around $36 billion a year.
- The need for elderly care will increase significantly over the next thirty years.
We’ve talked about the costs of employer caregivers having “dual employment” before, but it’s worth briefly restating those facts.
- The employment of family caregivers in the US is between 20 and 26 million.
- 20 percent of female caregivers between 18 and 39 said that stress was nearly always present in their lives. Caregivers are more likely to have emotional, physical, and financial challenges and reduced productivity at work.
- 77 percent of caregivers report missing work to provide care for a loved one.
- 52 percent report that working fewer hours for caregiving, showing negative results on a career.
- Non-caregivers will experience an increased workload. When coworkers must leave or miss work to manage an emergency or sudden illness. One person’s caregiving responsibilities can impact between five and seven team members. The $36 billion in lost business productivity does not include these impacts.
- Many of the business costs associated with caregiving are misunderstood or hidden, deep in the databases of HR administrators and measured through benefits or leaves of absence, if they are measured at all.
Employers are generally aware of the trend towards informal care, but not the magnitude. While many felt that caregiving would be an area of focus in the coming decades, they were in surprise and concerned that it already affects 35% of the Canadian workforce. They see the need for a thoughtful and focused approach to the issue within their organizations. “When WORK and CAREGIVING Collide — Canadian Government Report
The Costs of Traditional Caregiving to Caregivers
The damage to the economy and to businesses doesn’t take into account the personal costs and stories for millions of caregivers.
- Family members don’t have the money to pay for professional caregivers for their aging relatives. Even if they have a good health insurance plan.
- On average, a caregiver will need to provide care for between four to six years.
- A focus on caregiving means less focus on building a career and finding a high-paying job.
- A lack of expertise in understanding medical needs can lead to late diagnosis and delayed treatment for relatives.
The reality is that in many cases, caregiving is an unmanaged, at-home. Best endeavors system delivered by relatives with no training.
The Costs of Traditional Caregiving for Elders
Finally, there are social and other costs for caretaking people. Better healthcare and other social changes mean that our relatives are living longer, and they want to continue leading interesting, fulfilling lives which can be challenging when they are reliant upon a family caregiver who has other demands on their time.
- 80 percent of elder relatives want care in a home instead of an elder care facility.
- As a matter of personal pride, they do not want to be a burden on anyone, especially the family members who are looking after them.
- They do not generally have long-term care insurance, so going into a nursing home means they often have to give up their life savings and then live on social security and Medicaid.
- It’s not easy for elderly relatives to reconcile the conflicts between their needs and the impact on their caregiver and their families for areas like money, job progression, time, effort, and relationships.
Finally, there are social and other costs for caretaking people.
