Unpaid Caregivers Lose $1T in 2024

0:00It's March 29th. This is Durham News today, local news powered by AI. A new AARP report hits hard with the stat. Family caregivers across the U.S. delivered over $1 trillion in unpaid care during 24. That's 59 million people logging 49.5 billion hours for aging parents, spouses, or others with disabilities. The value per hour climbed to $20.41, up from $16.59 last year, thanks to rising home care. Waiters. At the national average of 27 hours a week, that's like giving away $28,600 a year, with rates varying. From $14 in Louisiana to $27 in Washington State, nearly half of these caregivers face serious money hits, like draining savings, racking of debt, or skipping bills and food. Seven and ten are still working but juggle disruptions, and one in five can't cover basics, all while pro care costs jump nearly 50% since, 2019.

1:02Middle income families get squeezed hardest in the Medicaid gap, too rich for aid, but too broke for nursing homes at $128,000 a year. AARP pushes bills like the Credit for Caring Act for a $5,000 tax break, now stuck in committee. As baby boomers age, this trillion dollar load on families will only grow, so check your state's caregiver guides, employer perks, and long term. Insurance now to stay ahead of the crunch.