AARP has released some shocking statistics that indicate the amount of time family members spent providing care to relatives. The number of hours in labor cost adds up to billions. This is a potential market that can be serviced by private home care companies, but many factors will determine the future.
“Approximately 40 million family caregivers provided an estimated $470 billion in unpaid services and care to their loved ones in 2013, surpassing Medicaid spending by $21 billion and nearly equaling the annual sales ($469 billion) of the four largest tech companies combined (i.e. Apple, Hewlett Packard, IBM and Microsoft).
Spending a total of 37 billion hours administering care (an average of 18 hours per week) over the course of the year, 46 percent of family caregivers provided complex care activities such as wound care, managing medications, giving injections and operating medical equipment. Furthermore, more than half of them reported being overwhelmed by the amount of care their family member needs, and four in 10 reported a moderate to high degree of financial strain as a result.
The study also found that 60 percent of all family caregivers in 2014 were also juggling a full- or part-time job and that one in five workers leave the workforce earlier than they had planned in order to take care of a loved one — costing them an average of $300,000 in income and benefits over their lifetime.”
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