Many Americans say they are not financially prepared to be a caregiver for an elderly loved one, according to a new survey. In a survey conducted online earlier this month by Harris Interactive for Amedisys, a leading provider of home health care and hospice services (NASDAQ: AMED), 36 percent of Americans who anticipate being a caregiver for an elderly family member, friend, partner or neighbor say they are not at all prepared for the financial burden. In comparison, that is 13 percentage points higher than the next two concerns cited by people who expect to be caregivers: not having enough time to take care of another person and not having enough expertise about diseases or conditions (both 23 percent).
The survey was conducted as part of Amedisys’ Annual Home Care Matters Initiative around National Caregivers Month, a month of recognition that takes place each November across the industry.
AARP statistics show that at any given time, nearly 44 million Americans are taking care of an older family member. Caring for an elderly loved one can be an expensive proposition. The out-of-pocket annual cost for caregivers, which includes necessities such as food, travel, transportation, medical insurance co-pays and medications, is nearly $5,500, according to a study by the National Alliance for Caregiving.
“Many people want to help family members or friends get the comfort and care they need at home, but it can be stressful,” said Samuel Oliver, a chaplain with Amedisys. “Caregivers often feel overwhelmed by having to learn an enormous amount of information in a short amount of time, manage finances and manage their own lives.”
One of the best options for elderly adults is home health care, which gives patients access to highly skilled nursing service in the comfort of their own homes. Early use of home health care services following a hospital stay by patients with at least one chronic disease saved $1.71 billion in 2005-2006, according to a 2009 study sponsored by the Alliance for Home Health Quality. The cost savings were largely due to a reduction in preventable complications and re-hospitalizations.
While keeping patients in their homes makes good financial sense, it’s also a popular idea with patients. Eighty-nine percent of people age 50 and older want to remain in their homes and receive medical services as they age, according to research by the AARP Public Policy Institute.
“Health care at home lets the family focus on the person they love, not just the disease that person has,” said Oliver.
In the study conducted for Amedisys by Harris Interactive, 25 percent of adults who are currently serving as caregivers say they were not at all prepared financially to take care of a loved one. About 35 percent of the people surveyed who say they were unprepared financially were from the lowest income brackets with annual household incomes of less than $35,000. But 22 percent of those surveyed with a household income of more than $75,000 a year, the highest income bracket, also say they were unprepared for the financial burden of being a caregiver.
Other survey findings:
*Forty percent of U.S. adults aren’t sure if they will have to rely on someone from their personal network (e.g., family member, partner, close friend, neighbor) for caregiver support in their senior years, while 42 percent don’t anticipate needing help from their personal network. Sixteen percent of those polled say they do anticipate having to rely on others from their personal network for caregiver support in their senior years.
*Forty-two percent of respondents say the word “nervous” best described how they felt about their current or future responsibility of being a caregiver for an elderly loved one.
Survey Methodology
This survey was conducted online within the United States by Harris Interactive on behalf of Amedisys from November 3-7, 2011 among 2,574 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Timothy Boone at (225) 252-6239.
About Amedisys:
Amedisys, Inc. (NASDAQ: AMED) is a leading health care company focused on bringing home the continuum of care. Amedisys delivers personalized health care services to patients and their families in the comfort of patients’ homes, with approximately 10 million patient care and education encounters per year. Amedisys has two divisions, home health care and hospice. The Company’s state-of-the-art advanced chronic care management programs and leading-edge technology enables it to deliver quality care based upon the latest evidence-based best practices. Amedisys is a recognized innovator, being one of the first in the industry to equip its clinicians with point-of-care laptop technology and referring physicians with an internet portal that enables real-time coordination of patient care seamlessly. Amedisys also has the industry’s first-ever nationwide Care Transitions program. Amedisys Care Transitions is designed to reduce unnecessary hospital readmissions through patient and caregiver health coaching and care coordination, which starts in the hospital and continues throughout completion of the patient’s home health plan of care. For more information about the Company, please visit: http://www.amedisys.com.
About Harris Interactive
Harris Interactive is one of the world’s leading custom market research firms, leveraging research, technology, and business acumen to transform relevant insight into actionable foresight. Known widely for the Harris Poll and for pioneering innovative research methodologies, Harris offers expertise in a wide range of industries including healthcare, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer package goods. Serving clients in over 215 countries and territories through our North American and European offices and a network of independent market research firms, Harris specializes in delivering research solutions that help us – and our clients – stay ahead of what’s next. For more information, please visit www.harrisinteractive.com.
Contacts
Amedisys, Inc.
Jacqueline Chen Valencia, 225-295-9688
jacqueline.chen@amedisys.com
