Financial Aspects of Informal Care
The economics of informal care are intricate. On the one hand, as was already mentioned, informal care helps the healthcare system save a sizable sum of money. However, it can also present financial difficulties for carers.
Many carers have out-of-pocket costs associated with providing care. These involve the price of travel, medical supplies, or home improvements.
Many carers must also cut back on or quit their paid jobs to accommodate their caregiving responsibilities. Financial stress and income loss may result from this.
Some carers in the UK are qualified for a Carer’s Allowance. The purpose of this government benefit is to give people who devote a lot of time to caring for a loved one financial support.
However, only some carers qualify for this benefit, so more is needed to alleviate their financial hardships.