Written by CenterWell Editorial Team
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Written by CenterWell Editorial Team
Key takeaways
Caring for an aging parent or spouse is a labor of love. While admirable and selfless, it’s still a demanding role with a lot of responsibility. Your days often revolve around keeping your loved one safe, comfortable and supported—yet the impact of caregiving reaches into your own life in ways that aren’t always easy to talk about.
The emotional strain, financial pressure and changes to your routine add up over time. And while you may not always feel it, your dedication is noticed and valued. Whether you’re new to the role or have already been a caregiver, there are practical ways to lighten the load, protect your well-being and feel more confident in decisions ahead.
When you think about caregiving costs, you might gravitate to high medical bills, but it’s the smaller, daily expenses that truly add up. The reality is that 8 in 10 caregivers pay for day-to-day expenses from their own pockets.2 It can start with making necessary home modifications or specialized equipment, but it quickly expands to everyday needs.
Groceries, household maintenance and transportation to and from doctor appointments put a subtle strain on your budget. You might find yourself picking up extra medical supplies—bandages, injections or antiseptic—which can feel like nickel and diming your savings to the point where you didn’t realize how much is gone by the end of the month.
If you carry on this way, you’ll be forced to dip into important accounts like your retirement, education funds or personal savings. It’s a difficult trade-off—supporting a loved one today while potentially compromising your financial stability for tomorrow. But it’s possible to navigate the financial challenges of caregiving, especially with the right support system.
Caregiving doesn’t only impact your bank account; it can change your career trajectory. Many caregivers find themselves using up their vacation hours to attend medical appointments or switch to part-time so they can stay home with their loved one. While these changes are selfless and noble, they unfortunately come with a steep price tag that goes beyond finances.
Studies show that leaving the workforce entirely to provide full-time care can result in an average loss of $300,000 in lifetime wages and benefits.1 That’s a staggering figure that hits the “sandwich generation” the hardest. If you’re unfamiliar, these are people who find themselves caring for both aging parents and their own children at the same time.3 When you’re pulled in 2 directions, career advancement often takes a backseat, making it difficult to catch up later in life.
The financial side is only half the story. The emotional and physical weight of caregiving can lead to significant burnout. About 40% of family caregivers report high levels of stress, which can manifest as anxiety, depression or chronic sleep deprivation.3 When you’re always “on call,” it’s hard for your mind and body to rest.
Because your energy is so intensely focused on someone else, your own health can start to slip. About one-third of caregivers admit they’ve skipped their own doctor visits or failed to fill their own prescriptions because they simply don’t have the time or energy.2
There’s also a deep sense of loneliness that can settle in when you have a moment to yourself. Over half of caregivers report feeling isolated from their peers, especially younger caregivers who may feel they’re missing out on social milestones. It’s important to remember that your health is the foundation that allows you to care for others.
One of the best ways to make your way through the financial fog is by having important conversations as early as possible. It can feel uncomfortable at first, but talking about your loved one’s income, assets and debt before a crisis happens will help you build a realistic roadmap.
Making sure the right legal protections are in place is another important step. Having a power of attorney for finances and updated HIPAA authorizations means you won’t have to fight for access to information when time is in limited supply.1
Finally, look into every resource available, from Medicaid eligibility to non-profit grants that help with prescription co-payments. These programs are designed to help, and they can provide much-needed breathing room in your budget.
How much does a full-time caregiver cost?
Hourly rates for home health aides range from $21 to $30, which can exceed $15,000 monthly for round-the-clock care.3
When is it time to consider professional care?
Signs may show up as the caregiver’s own health declining, financial strain putting the family’s stability at risk or care needs growing beyond what the family can safely provide at home.
What government help is available?
Programs include state-level agencies, to the VA Caregiver Support Program, as well as Medicare Part D’s Extra Help for prescription costs.
At CenterWell Senior Primary Care®, we understand that caregiving shouldn’t be a solo mission. We focus on a “whole-person” approach that supports your loved one while simultaneously easing the burdens facing caregivers. By coordinating primary care, pharmacy and home health in 1 place, we take any guesswork out of the process.
Our primary care providers have developed a reputation for taking their time. They actively listen to your whole story and customize care plans that fit your family's needs, often spending much more time with patients than the national average. We want to make sure that all your questions are answered and no detail is overlooked.
Managing medications is also simple through CenterWell Pharmacy®. You can have prescriptions delivered safely and accurately right to your door with free standard shipping. Plus, every order is double-checked by 2 different pharmacists, so you can rest easy knowing safety is our top priority.
If extra help is needed at home, CenterWell Home Health® is an option as long as you have a referral from your healthcare provider. Backed by a team of nurses, social workers and care coordinators, we build long-term relationships that focus on your health and happiness.
At CenterWell,
Ready to simplify the way you approach caregiving?
