The amount of family caregiving in unpaid annual value has climbed to an estimated $81 billion in Florida, according to a new AARP report released this month.
The senior citizen group’s analysis shows most of the work provided by family caregivers in the Sunshine State goes unpaid. The 4.3 million family caregivers of adults contribute about 4.1 billion hours of care each year. If paid, that would amount to the estimated $81 billion between 2024 to 2025.
“Family caregivers are a major economic force that fill critical gaps in our health care system.” said Jeff Johnson, AARP Florida State Director. “The economic value they provide now exceeds $81 billion annually, yet this care often comes at significant cost to caregivers’ health, financial security, and well-being. AARP is elevating this important issue and fighting to save family caregivers time and money.”
Those caregivers of adults provide assistance for older parents, spouses, neighbors and others. The $81 billion in value was arrived at by AARP by calculating the Florida market value of pay which was estimated to be $19.66 per hour.
That’s juxtaposed to hourly rates estimated at $14.12 per hour in Louisiana to $27.05 per hour in Washington.
AARP officials point out that without family caregivers, many Floridians would be forced to go to more expensive institutional care facilities. Ultimately, that would stack up to significantly higher costs for residents and public programs.
Across the country, AARP estimates 59 million Americans are caregivers and contribute about 49.5 billion hours of care each year. That stacks up to an estimated $1.01 trillion in unpaid contributions in the U.S. annually. That’s based on an hourly rate of 20.41 per hour.
Those hours would translate to the equivalent of 24 million full-time workers, which is about 17% of the entire full-time workforce in America.
In addition to those factors, the AARP analysis concluded family caregivers spend more time providing care than other medical professionals to the elderly and average about 27 hours per week on that end. Some 57% help with daily needs such as bathing, dressing and more complex medical and nursing tasks such as administering injections for medication.
