When we talk about wellness, we typically mean optimal physical and mental health. However, there is another type of wellness that impacts caregivers and it has to do with costs of caregiving.

January is Financial Wellness Month and Caregiving Club focuses on how to help caregivers avoid what we call the “Caregiving Cost Drain.”

A study conducted by the National Alliance for Caregiving and Evercare found more than half of all caregivers spend on average 10 percent of their annual income on care-related costs for their loved one – $400 more than the average American spends annually on entertainment and health care combined. Last year’s study by Merrill Lynch and Agewave, showed that 92 percent of all caregivers are also “financial caregivers.”

A great resource for caregivers who want to plan ahead, Genworth’s annual “Cost of Care” survey shows state-by-state costs for long-term care skilled nursing facilities, assisted living, dementia care, adult day care and in-home care.

READ

For more reading, check out our CEO Sherri Snelling’s articles and interviews below:

What financial guru Suze Orman learned caring for her mother (originally published on Forbes.com)

How to Avoid the Goldilocks Syndrome  (originally published on Forbes.com)

How to avoid the caregiving wallet drain (originally published for USA Today)

Tax Rules for Caregivers (originally published on PBS Next Avenue)

WATCH

In addition, you can watch our Me Time Monday videos on caregiving costs and how to start the caregiving conversation with your loved one about long term and end of life care.