America is growing older, as is the amount of unpaid care provided by caregivers in Colorado.
According to the American Association of Retired Persons (AARP), Colorado is home to around 600,000 caregivers who provide $11.2 billion of unpaid care. The figure was highlighted in AARP’s latest report in the Valuing the Invaluable series Valuing the Invaluable. The report touches on the growing scope and complexity of family caregiving while highlighting actions needed to address challenges of caring for parents, spouses, and other loved ones.
Across the country, the estimated economic value of family caregivers’ unpaid contributions was around $600 billion, based on about 38 million caregivers providing an average of 18 hours of care per week for a total of 36 billion hours of care, the report says. The $600 billion estimate was based off research from 2021 and is up from $470 billion in 2017. The report also reads that the value of unpaid family care vastly exceeds the value of paid home care.
AARP estimates that by 2030, one out of every five people in the United States will be 65 years of age or older.
“Family caregivers play a vital role in Colorado’s health care system, whether they care for someone at home, coordinate home health care, or help care for someone who lives in a nursing home. “We want to make sure all family caregivers have the financial, emotional and social support they need, because the care they provide is invaluable both to those receiving it and to their community,” said AARP Colorado State Director Sara Schueneman in a release.
Being a caregiver is a fulltime job, but oftentimes family caregivers either work full or part time. AARP found that 61 percent of family caregivers work a job, but despite that, working caregivers face financial risks like lost income, reduced career opportunities and savings, and lower Social Security and retirement benefits.
The COVID-19 pandemic caused more hours of care and higher-intensity care by family caregivers as the country has faced direct care workforce shortages. Workforce is expected to grow from 4.6 million in 2019 to 5.9 million in 2028, but retaining workers in the direct care workforce is a challenge. The average turnover rate in the industry is 40 to 70 percent each year.
Black, Hispanic, Asian American, Native Hawaiian and Pacific Islander, and American Indian and Alaska Native family caregivers report distinct care experiences and specific support needs, according to the report. LGBTQ family caregivers also face a distinctive set of challenges in caring for LGBTQ partners, friends, and older family members.
While caregiving is a challenging role, there are resources out there for people who are watching over loved ones. Resources like Colorado 2-1-1, and the Colorado Association of Area Agencies on Aging offer general services to caregivers while resources like the State Health Insurance Program and the State Medicaid Office Health First Colorado provide health resources. If you are a caregiver in search of resources or forms of help, visit http://states.aarp.org/colorado/caregiver-resources.
