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The Cost of Family Caregiving: Out-of-Pocket Spending Surprisingly High

| February 24, 2017
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Healthcare is a huge issue. It should be no surprise that healthcare reform is in the news so often. My parents, your parents, and the young workers applying for jobs should be interested in what the crystal ball of healthcare holds. This affects us all at different times and in different ways. The costs of healthcare and the cost of family caregiving should be factored into everyone's financial plans. We see two ways a family could approach family caregiving: 

1. The ostrich method

2. The planning method

Each method has its merits, but we believe burying your head in the sand is the least effective. No one wants to think of family members leaving them; however, we are all human and we too shall pass. Health and money are tricky subjects to navigate with your family, yet our country's 40 million unpaid family caregivers devote a large portion of their own money toward the care of their loved ones. That could seriously affect your nest egg for retirement and potentially draw a retired person back into the workforce. 

AARP Caregiving is a website dedicated to those intimate conversations with brilliant resources meant to prepare you for tough life events. Even the life events you never see coming. Treece Financial Group has success stories and experience in unforeseen events like AARP highlights in tips for keeping those with dementia safe. Experience and knowledge are necessities in navigating the family caregiving events. As Tony Robbins says about knowledge, "I love quotes…but, in the end, knowledge has to be converted to action or it’s worthless.” Use our free financial guides and have the talk with your family members today to set up a plan. 

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