Caregiving and the Economy

Lisa Cook Bayer, J.D., is President of Life Management Resources, LLC, a private elder care advocacy firm located in northern New Jersey.

The fallout from the economic situation our country, and the world, is facing has had an overwhelming effect on family caregivers who, even in good times, often struggle just to get themselves and their loved ones through the day.

With people’s life savings being reduced to half, or in some cases wiped out completely, there are additional stresses on both the caregivers and their loved ones. The ability to pay for private services such as home care, recreational activities and transportation has been significantly eroded. People are afraid to spend their money even if they do have the current means for fear of what the future will bring. People who previously considered retirement are working longer, retirees are returning to work and individuals are taking on two or three jobs at a time just to make ends meet. This means that not only are the economic resources not available to provide care for their loved ones, but they physically cannot offer the same time commitments to caregiving that they may have been able to in the past.

In the current climate it is important to try to harvest resources and opportunities that you may not have thought of in the past. Individuals should consider reaching out to extended family members, neighbors, friends and even clergy for emotional and even physical support and assistance. Research free or low-cost community resources, public entitlements (such as Social Security, Medicare, Medicaid and Veteran’s benefits) and private insurance benefits. Request and read through yours and your loved one’s health insurance summary plan descriptions. There may be benefits you never knew you had such as exercise facility reimbursement, home care and even mental health benefits. If your loved one has a disability or long term care insurance policy ask for a copy of the policies and review the eligibility and appeal requirements. Contact your employee assistance program administrator to learn about available caregiver benefits. Most important, be persistent, creative and do not forget to take care of the caregiver!

Written by Lisa Bayer, President, Life Management Resources LLC
www.LMReldercare.com
LBayer@LMReldercare.com


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