health
Family caregivers now provide $1 trillion worth of care annually, AARP finds
About 59 million caregivers provide care for loved ones, representing $1.01 trillion in total economic value annually, according to a new AARP report.
TL;DR
- 59 million Americans provided care for an adult family member, neighbor, or friend in 2024.
- The economic value of this unpaid care is estimated at $1.01 trillion annually.
- The average hourly value for family caregiving work was $20.41 in 2024.
- The economic value of family caregiving ($1.01 trillion) surpassed Medicaid spending ($932 billion) and out-of-pocket health spending ($557 billion).
- AARP advocates for financial relief and policy changes, including tax credits and the ability to use health savings accounts for caregiving costs.
- Oklahoma and Nebraska have implemented caregiver tax credits, and federal bipartisan bills are pending.
- Physicians note that the need for caregiving is widespread and often unexpected, underscoring the importance of advance family discussions.