Becoming a caregiver for a parent: What to know

• Approximately 42 million Americans serve as caregivers, looking after the daily requirements of elderly adults aged 50 and above.
• Often, when individuals lack insurance or assets to cover healthcare expenses, adult children are left responsible.
• If you're about to become a caregiver, these tips can assist you in creating a plan.

Becoming the caregiver for your parents after spending decades as their child can be a sudden and challenging role reversal.

A recent study from Seniorly found that approximately 42 million Americans are daily caregivers for an adult relative aged 50 or older, with some caregivers in the Sandwich Generation feeling the pressure of caring for both children and parents.

According to Marlena del Hierro, vice president of partnerships at Seniorly, caregivers working from home while caring for loved ones can experience burnout.

The percentage of family caregivers who consider their own health status as fair or poor has increased from 12% to 21% over the past six years, according to Seniorly. Additionally, 23% of caregivers believe that their role has negatively impacted their own health.

A 65-year-old person has a 70% chance of requiring long-term care, which typically involves assistance with daily living activities.

The cost of nursing home care can be prohibitively expensive, with annual expenses for a semi-private room reaching up to $100,000, according to Genworth. In contrast, the annual median cost for health aide services at home is $61,776, while homemaker services cost $59,484.

Often, when individuals do not have insurance or sufficient assets to cover the full cost of care, it is the responsibility of their adult children.

Caregivers, who make up 60% of the workforce, often bear the brunt of the expenses associated with providing care. On average, caregivers spend 26% of their household income on out-of-pocket costs, with this percentage being higher for Latinos (47%) and Blacks (34%), according to AARP.

Caregivers for aging parents often handle tasks beyond personal and medical care, such as managing finances, housework, and transportation.

Preparing for the care of an adult due to illness, disability, or age-related infirmity is important if you're nearing that point.

Nicole Gopoian Wirick, founder of Prosperity Wealth Strategies in Birmingham, Michigan, stated that providing care to another person requires a collective effort and advised against going it alone.

Other family members may be able to contribute to the care even if they are not physically present.

"Often, a sibling will say, "Although I'm far away, I can make phone calls to access resources," said CFP Sandy Adams, a partner at the Center for Financial Planning in Southfield, Michigan. "Additionally, with everything being online these days, someone across the country can manage finances.""

She advised looking into resources to reduce any financial burden that care might place on you.

""I hope individuals would search for ways to reduce expenses without having to use their own savings, as stated by Adams. Many people are hesitant to seek assistance, but it is crucial not to do so in this situation," said Adams."

Community agencies and local governments can provide caregivers with respite programs to give them a break.

"Del Hierro stated that there are grants available that can provide caregivers with a respite to prioritize their own mental health. Perhaps the caregiver desires to take a vacation, so they could utilize the grant funds to hire professional caregivers."

Your state should have an agency that specializes in aging and elder care, and you can also explore nonprofits that offer financial assistance or services for elder care, including transportation to and from medical appointments.

The federal Administration on Aging offers a search tool to connect you with local services for older adults and their families.

Support groups can also be helpful, Adams said.

"Venting and learning about how others cope with caregiving stress is possible," she stated.

And if financial resources are plentiful enough, get help, Adams said.

Hiring a geriatric care manager can ease the burden on the family by coordinating the care for your parent, she suggested.