The results of a 2015, State of Caregiving Report were discussed in a Forbes article titled, “Who America’s Caregivers Are And Why It Matters.” The report, conducted by AgingCare.com, surveyed 3,300 family caregivers. The findings in this study support those in a previous report by the National Alliance for Caregivers and AARP.
The study found that mothers are the family member most likely to require care and Alzheimer’s or dementia was the reason caregiving was required 5o% of the time. Unfortunately, the study found that half of family caregivers went into significant debt or depleted their savings in order to provide care. To avoid going into debt caring for a loved one, it is important to discuss your options with an elder law attorney. One option may be the MI Choice Waiver Program. This program allows a loved one to receive nursing home type services while remaining in their home provided they satisfy very strict income and asset rules.
Fortunately, the study found that most caregivers and loved ones talked about estate planning. It is important to discuss estate planning such as wills, trusts and powers of attorney before becoming a caregiver or needing such care. Having these documents in place can provide peace of mind knowing that your affairs can be handled when you die or if you become disabled.