This document summarizes a webinar on financial planning for military caregivers. It discusses how caregiving can impact finances through reduced work hours and wages. Over 60% of military caregivers report having to cut back work hours. This can negatively affect income, benefits, retirement savings, and social security earnings. The webinar provides resources for caregivers and recommends involving other family members, installation programs, and community services to help with caregiving responsibilities and finances.

1. Financial Planning for Military Caregivers
https://learn.extension.org/events/2316
This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Family
Readiness Policy, U.S. Department of Defense under Award Numbers 2012-48755-20306 and 2014-48770-22587.

2. Research and evidenced-based
professional development
through engaged online communities.
www.eXtension.org/militaryfamilies
Sign up for webinar email notifications at http://www.extension.org/62831

3. Click on the social media icons below to get connected with us!

4. Available resources
https://learn.extension.org/events/2316
Find slides and additional resources under ‘event materials’

5. Financial Planning for
Military Caregivers
Presenter: Andrew B. Crocker
09 December 2015

6. A Little About Me
 Education
 BA, Biology
 MS, Gerontology
 Experience
 Extension Program Specialist III –
Gerontology & Health
 PI, Military Caregiving Concentration
Area, Military Families Learning
Network
 PI, Texas A&M AgriLife Extension
Service, Texas Consortium of Geriatric
Education Centers

7. What is “Caregiving?”
 Meeting needs
 Physical
 Emotional
 Social
 Safety
 All have a “cost”

8. Caregiving May Involve. . .
 Less personal time
 Less family time
 Need for work-life balance
 Financial issues
 Physical and emotional stress

9. Caregiving Quick Facts
 Approximately 65.7M caregivers in United States
 52M providing care to an adult with a disability or
injury
 Approximately 5.5M military caregivers
 1.1M providing care for post-9/11 Veterans
 Caregiving in US valued at ~ $450B
 Increase of ~ $100B over a 3 year period
 Value of unpaid family caregiving is the largest source
of long-term care services in US
Family Caregiver Alliance – National Center on Caregiving. (2012). Selected Caregiver Statistics. https://caregiver.org/selected-caregiver-statistics Last Accessed: 07 December 2015.
Feinberg, L, Reinhard, SC, Houser, A, & Choila, R. (2011). Valuing the Invaluable: 2011 Update The Growing Contributions and Costs of Family Caregiving. Washington, DC: AARP Public Policy Institute.
Retrieved from https://assets.aarp.org/rgcenter/ppi/ltc/i51-caregiving.pdf 07 December 2015.
Ramchand, R, Tanielian, T, et al. (2014). Hidden Heroes: America’s Military Caregivers. Santa Monica, CA: RAND Corporation.
Retrieved from http://www.rand.org/pubs/research_reports/RR499.html 07 December 2015.

10. Why Family
Caregiving Matters
• Home Care Setting
• Adult Day Service
• $40/day
• Home Health Aide
• $17/hour
• Homemaker
• $16/hour
• Alternate Care Setting
• Assisted Living
• $3,422/month
• Nursing Care
• $131/day
• Skilled Nursing Care
• $261/day
MetLife Mature Market Institute. (2010). The Met Life Report on Aging in Place 2.0: Rethinking Solutions to the Home Care Challenge. New York: MetLife.
https://www.metlife.com/assets/cao/mmi/publications/studies/2010/mmi-aging-place-study.pdf Last Accessed 05 May 2014.
MetLife Mature Market Institute. (2012). Market Survey of Long-Term Care Costs: The 2012 MetLife Markey Survey of Nursing Home, Assisted Living, Adult Day Services and Home Care Costs.
New York: MetLife. https://www.metlife.com/assets/cao/mmi/publications/studies/2012/studies/mmi-2012-market-survey-long-term-care-costs.pdf Last Accessed 05 May 2014.
Scan Foundation. (2013). Who Pays for Long-Term Care in the U.S.? (Updated).” http://www.thescanfoundation.org/sites/thescanfoundation.org/files/who_pays_for_ltc_us_jan_2013_fs.pdf
Last Accessed 05 May 2015

11. Employed Caregivers
• ~ 60% of caregivers report working full or part-time while caregiving
• Most must make accommodations with work schedules
• Two-thirds reported missing work regularly
• One-third reported cutting back hours
• More than 60% of military caregivers forced to reduce work hours
• Reduction in work and work hours have significant consequences
• Lost wages
• Lost benefits
• Retirement accounts
• Social Security
Chatzky, J. (2014). Operation Money. New York, NY: NBC Publishing. Retriefed from https://www.jeanchatzky.com/operation-money/ch11.php 07 December 2015.
Family Caregiver Alliance – National Center on Caregiving. (2012). Selected Caregiver Statistics. https://caregiver.org/selected-caregiver-statistics Last Accessed: 07 December 2015.
Feinberg, L, Reinhard, SC, Houser, A, & Choila, R. (2011). Valuing the Invaluable: 2011 Update The Growing Contributions and Costs of Family Caregiving. Washington, DC: AARP Public Policy Institute.
Retrieved from https://assets.aarp.org/rgcenter/ppi/ltc/i51-caregiving.pdf 07 December 2015.
Tanielian, T, Ramchand, R, et al. (2013). Military Caregivers: Cornerstones of Support for Our Nation’s Wounded, Ill and Injured Veterans. Santa Monica, CA: RAND Corporation. Retrieved from
http://www.rand.org/pubs/research_reports/RR244.html 07 December 2015.

12. Involve Others &
Share Concerns
 Involve
 The care recipient
 Close family
 Extended family
 Installation resources
 Community resources
 Everyone has something they can contribute to
help

13. Panelist(s)
David Winfrey
Financial Counselor
Wounded Warrior Battalion
Joint Base San Antonio, Texas
You, the webinar attendees!
Give us your feedback!

14. What Are the Most
Common Issues Families
Face?

15. What Are the Most
Common Questions
Military Family
Caregivers Ask?

16. How do you get service
members & caregivers to
open up about their
needs?

17. What Is Something Every
Financial Professional
Working with Military Family
Caregivers Should Know?

18. What is Something You
Wish You Would Have
Known When You First
Started?

19. Is There a Specific
“Go To” Resource You
Recommend for Military
Family Caregivers?

20. Key Takeaways
 Financial concerns may be a source of great stress and
worry for family caregivers.
 Caregivers may be reluctant to seek help for a variety
of reasons, including pride or embarrassment.
 Resources are available, both on and off the
installation, that may be able to alleviate some of the
stress related to finances.

21. Evaluation and Certificate
The Military Caregiving Concentration Area is
offering certificates of completion for those
interested in receiving training hours.
*In order to receive an automatically generated
email certificate, you must complete the webinar
evaluation at:
https://vte.co1.qualtrics.com/SE/?SID=SV_0H5jHyHlbT9yDop

22. Caregiving Upcoming Event
Back to Basics: Medicare
• Date: Wednesday, January 20, 2016
• Time: 11:00 a.m. Eastern
• Location: https://learn.extension.org/events/2358
For more information on MFLN- Military Caregiving go to:
http://blogs.extension.org/militaryfamilies/military-caregiving/

23. Find all upcoming and recorded webinars
covering:
http://www.extension.org/62581
Personal Finance
Military Caregiving
Family Development
Family Transitions
Network Literacy
Nutrition & Wellness
Community Capacity Building
This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Family
Readiness Policy, U.S. Department of Defense under Award Numbers 2012-48755-20306 and 2014-48770-22587.