How much does it cost your customers to help their loved ones age?


    The study found that household expenses, including paying rent or mortgages or doing home conversions, account for the largest share (41%) of caregiver expenses. The second largest share (25%) was accounted for by medical costs, including costs for inpatient care and insurance costs. Remote caregivers – those who lived more than an hour away from their loved one – had the highest cost of ownership ($ 11,923), while those caring for an adult with dementia had nearly double the out-of-pocket expenses ($ 10,697 of those caring for someone) who does not have dementia ($ 5,758).

    On average, families spent $ 7,242 a year to provide care, according to the AARP – but the amount and financial burden varied by cultural group. African Americans spent an average of $ 6,746, or 34% of their median income. Latinos spent $ 7,167, or 47% of their median income. Asian Americans spent $ 8,368, or 22% of their median income.

    “The study showed that a significant portion of the cost tends to help people with professional care and long-term cost of living, but there is everything in between in terms of supporting those day-to-day expenses, like prescribing or collecting groceries on their behalf. “Said Lowes. “These costs are typically borne by a primary caregiver, the person who is closest to that person, both emotionally and physically.”

    Recognizing the burden often placed on a family member, RBC introduced a care coordination phone application that allows that member to share care responsibilities by assigning them to other family members so they can help with driving to appointments or shopping . It also allows them to upload and share expenses, Lowes said, “so that the burden isn’t borne by just that one primary caregiver.”

    “This is without a doubt a very challenging generation that we are in,” said Lowes, “and I think it will continue to do so in the future, where people with aging parents may also support adult children.


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