'As the U.S. population ages, the total annual cost of lost wages for unpaid family caregiving is on track to more than double, to reach $147 billion by 2050, a recent study suggests.'
As the U.S. population ages, the total annual cost of lost wages for unpaid family caregiving is on track to more than double, to reach $147 billion by 2050, a recent study suggests.
“The number of potential caregivers per each disabled older adult will decline in the coming decades,” said Stipica Mudrazija, author of the study and a researcher at the Income and Benefits Policy Center at the Urban Institute in Washington, D.C. The annual cost for each care recipient, meanwhile, will rise from $6,898 to $8,307, according to the calculations.
Another drawback is that the calculations didn’t account for the complexity of care provided by unpaid family caregivers, which could impact how many hours people miss work, said Barbara Given, a researcher at the College of Nursing at Michigan State University in East Lansing.
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