Your parents need help around the home. It’s become an urgent matter, and you’re ready to leave your job to be the one to help out. Before you do, carefully think of the pros and cons. Sometimes, quitting a job isn’t the best option for family caregivers. There are things you must consider.
Health and Dental Insurance Costs May Not Be Affordable
If you get health and dental insurance through your work, quitting your job means giving up those benefits. You can pay for a policy on your own, but it can be costly. You may not be making any money, but the government looks at your household’s income, not just yours.
Say you move in with your parents in order to provide their care and they make $3,000 a month in SS and pensions. The government looks at their income when determining your health insurance premium.
Saving for Retirement Slows or Stops
Many family caregivers who quit jobs forgo their own retirement savings. Here’s a common scenario. After having a baby, a new parent decides to stay home with that child until the child is in school full-time. That time comes and the person returns to work already having missed out on almost a decade of saving for retirement.
A parent needs long-term help around the home because of Alzheimer’s or another chronic health condition. The person has only been in the new job for a year or two and quits it to help his or her parents. Alzheimer’s can last for 10 or 20 years.
By the time the family caregiver is ready to go back to work, there’s also been a large gap with contributions to a retirement fund. It can be challenging to catch up.
Reentering the Workforce Can Be Difficult
If you’ve taken several years off work, not every employer will be willing to hire you. The longer you’ve been out of the workforce, the harder it can be unless you’re willing to go into a field with high turnover rates like retail or fast food.
This does depend on what skills you’ve had in the past and how you’ve kept up those skills. If you do quit your job, use your expertise as often as you can. If you’re a software engineer, keep taking online coding classes and volunteer to maintain your skills in that field.
Have You Considered Part-Time Caregivers Instead?
Instead of quitting your job, have you thought about cutting your hours for now? You could work fewer hours and help your mom and dad out. When you do have to go to work, you could hire professional caregivers to step in and help out.
Your parents have caregivers helping out when you’re at work. When you return, the caregiver leaves and you take over. It’s a great way to balance being your parents’ main caregiver with your career.
If you or an aging loved one are considering Caregiver Services in Norwood MA, or anywhere in Eastern Massachusetts, please call the caring staff at CARE Resolutions – (508) 906-5572.
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