Family caregiving in R.I. worth $1.44M per year

PROVIDENCE – Rhode Islanders provided an estimated $1.44 million dollars worth of care to family members last year year, according to an AARP report released yesterday, while nationwide, the economic value of family caregiving came to $350 billion.
“Family caregivers play a vital role,” said Kathleen S. Connell, the advocacy group’s state director. “[They] are the backbone of long-term care in our state.”
In the nationwide study “Valuing the Invaluable: A New Look at the Economic Value of Family Caregiving,” the AARP Family Policy Institute found that unpaid caregivers provide “by far the majority of long-term services and supports received by persons with disabilities of all ages,” and most of those caregivers are women who also work at paid positions.
“While the care they provide often goes unnoticed,” Connell said, “their contributions often delay or prevent more costly nursing home care – and that can have a positive impact on our state Medicaid budget.”
That benefit comes at a cost, however, one that is borne largely by the caregivers themselves.
Nineteen percent of U.S. workers are also family caregivers, and among those with the heaviest caregiving responsibilities, 92 percent report major changes in working patterns, AARP found: 83 percent arrive late, leave early or take time off during the day; 37 percent go from full-time to part-time; and 41 percent take a leave of absence.
As a result, the study found, caregivers face lower wages, reduced job security and loss of benefits, including health insurance, retirement savings and Social Security earnings, all at a time when both income and benefits are critical. They also are more likely than non-caregivers to suffer chronic health conditions.
Businesses also feel the impact, with productivity losses nationwide of up to $33 billion per year, AARP said.
“Public policies to alleviate stress on caregivers” – and their employers – “could be implemented at a small fraction of the value of their contributions,” the report concludes.
In Rhode Island, AARP said, the budget this year includes $2.4 million for state-subsidized home care for low-income elders and $1.4 million for subsidized adult day care.
The study report, “Valuing the Invaluable: A New Look at the Economic Value of Family Caregiving,” is available at www.aarp.org/research/housing-mobility/caregiving.