Cost of caregiving: What to do if faced with the dilemma of quitting work to take care of a parent
Full-time care of a loved one leaves not much choice on taking a long work leave.
Trying to work while caring for an aging loved one can be difficult, stressful and at times monetarily overwhelming. Many people feel they must quit, take a leave of absence or at least reduce their hours in order to cope.
Sometimes, caregivers have little choice. But often people don't realise the heavy financial toll they'll pay or adequately research options that could allow them to keep working, said Amy Goyer, a US-based family and caregiving expert.
“When you're in a caregiving crisis, you can make a decision out of stress and fatigue and fear,” Goyer said. “It's important to make work decisions and financial decisions from a more objective place.”
Calculate the costs
A 2020 global study found 61 per cent of caregivers to adults were employed, and the majority had experienced at least one work-related impact, which most commonly meant being late to work, having to leave early or taking time off. Caregivers also reported having to take unpaid leave or reduce their hours, with one in 10 working caregivers having quit or retired early.
Those who leave work don't just lose their current income. They also lose future salary hikes, retirement contributions, and the much-valued insurance. Their retirement income may be smaller, and many find they can't earn as much when they return to work because their skills are out of date.
A few years out of the workforce – study found the average caregiving period was four-and-a-half years – can leave you hundreds of thousands poorer at retirement. There are multiple ‘cost of leaving the workforce’ calculators freely available online that can help you tally the potential impact.
Investigate the alternatives
Caregivers are less likely to quit if they have certain benefits at work, including paid sick days or unpaid family leave, the study found. Among the most helpful benefits for caregivers are flexible schedules, the ability to work from home and paid family leave, said Cecilia Shiner, research director for a global insurance industry research group.
Regulations also state that if the employee’s service is ended before he used his annual leave balance, he will get leave for the fraction of the last year of service.
Part-time employees are entitled to annual leave according to the actual working hours they spent at work, as specified in the employment contract.
You also may be able to break up your annual leave, allowing you to take off one or two days per week, for example, said Goyer, who is also the published author of “Juggling Life, Work, and Caregiving.”
Before quitting, you should ask what options your employer is willing to offer, Goyer said. Just the ability to make personal calls at work can help caregivers trying to contact doctors or other professionals who aren't available after hours, she added.
Seek help outside work
Many societies worldwide offer affordable help that can make caretaking easier, such as adult day care, chore services, transportation and respite care.
“It's not a huge amount of money, but it's some income coming in to help offset the fact that you've cut back or stopped working,” Goyer said.
If you can afford one, a geriatric care nurse could be another source of help. These healthcare professionals can assess your loved one's situation, find care options and be on call in case of emergency. In the UAE, fees for an on-call doctor, who visits your home with a nurse, starts from Dh350 per session.
The UAE has retirement homes for the seniors or elderly. These are also called elderly care centres. They are under the responsibility of Ministry of Community Development. These centres provide primary healthcare, social, psychological and physical therapy.
Other family members, friends and even neighbours may also be willing to help if asked. A relative who doesn't live close by could still help by paying bills or dealing with insurance companies, for instance. A neighbour could check in regularly and call you with any concerns.
Even if you do need to quit or reduce your working hours, doing this research can help you create a caregiving plan that details how you'll manage the day-to-day responsibilities, who will help you, where you can turn in an emergency and how you'll take care of your mental and emotional health, said Stacey Watson, head of global wealth manager Fidelity's life events planning.
That alone can reduce your stress and help you feel more in control. “Putting a plan in place can make a huge difference,” Watson added.