• 13% of care-givers spend more than $30,000 each year on medical and other care-related expenses;
• 18% spend between $10,000-$29,999;
• 16% spend between $5,000-$9,999
• 32% spend less than $5,000 on caring for their loved ones
Do these numbers from Money Magazine sound familiar? You’re not alone, reports Jacob Davidson. According to a report from Caring.com, “47% of those who care for a friend or relative (and are not paid for doing so) say they spend $5,000 or more a year for medications, medical bills, and other health-related costs.”
Andy Cohen, CEO of Caring.com, states that to reduce this burden, spend your parents’ money before you spend your own since you will need your money for your own expenses and retirement. If need be, Medicaid will assist with your parents’ medical expenses. He also recommends going to the website eldercare.gov and BenefitsCheckUp.org for programs, services and agencies that can assist you in your caregiving efforts.
If you need to take time off from your job, and the company you work for has at least 50 employee and if you have worked there for at least one year, under the Family and Medical Leave Act, you may be entitled to 12 weeks of unpaid leave to care for a family member.
The attorneys at Client First Bankruptcy have represented thousands of clients in their bankruptcy filings. If you are contemplating filing for a Chapter 7 or Chapter 13 personal bankruptcy due to piles of unpaid medical bills or other overwhelming debt, do not proceed without an experienced and knowledgeable bankruptcy attorney from Client First Bankruptcy at your side. For your free initial consultation, please call us toll-free at 800-383-6004; we answer our phone 8:30 a.m.-6:00 p.m. Central Time for your convenience. And please log onto www.clientfirstbankruptcy.com for important information about your personal bankruptcy anytime.