'It's just almost impossible to do it all': Here's how much time and money the sandwich generation is spending on eldercare

By Jessica Hall

Presidential candidate Kamala Harris says family caregivers need more help caregivers

Being caught in the "sandwich generation" can be crushing in terms of time and money - never mind the emotional toll of juggling the care for older parents and younger children.

About a quarter of U.S. adults are part of the so-called sandwich generation, which means they're caring for a parent 65 or older while raising at least one child younger than 18 or providing financial support to an adult child, according to the Pew Research Center.

The sandwich-generation adults report spending 22 hours a week providing care for their aging relative and 28 hours a week providing care for at least one child under 18, according to New York Life. A separate study by the University of Michigan found that sandwich caregivers put in about 75 hours a month taking care of older loved ones.

Vice President Kamala Harris, the Democratic presidential nominee, on Tuesday proposed an expansion of Medicare to cover home care for older adults and those with disabilities as part of an effort to help people better afford health care and help caregivers in the sandwich generation.

Read: Harris says 'it's about dignity' as she floats plan for in-home care for seniors

"My mother was diagnosed with cancer when I was the district attorney of San Francisco. I remember cooking meals for her and taking her to her appointments. I did what I could to make her comfortable. I figured out which clothes were soft enough that they wouldn't irritate her, and told her stories to try and make her laugh," Harris said in an interview on "The View" and posted on X, formerly known as Twitter.

In addition to time, juggling caregiving takes a toll on family finances in terms of actual out-of-pocket expenses, lost time at work or the need to step away from a career to provide care.

Almost half (47%) of sandwich-generation adults reported that there was a time when their household was unable to meet essential expenses due to the costs of caregiving in the past year, according to New York Life.

A total of 90% of sandwich-generation adults reported that they made a lifestyle change or financial decision because of caregiving responsibilities. Over half of the sandwich generation report they've made a sacrifice to their own financial security to provide care, and nearly half (45%) report having credit card debt, according to New York Life.

"Federal policy can do more to support the 48 million Americans who are helping care for spouses, parents and other adult loved ones. Family caregiving is a responsibility that knows no bounds of age, race, or gender. It's an unpaid labor of love that can be emotionally, physically and financially challenging," AARP EVP and chief public policy and engagement officer Nancy LeaMond recently said.

In most cases, Medicare doesn't pay for custodial care, which helps with activities of daily living like bathing, dressing, using the bathroom and eating, according to the U.S. Centers for Medicare and Medicaid Services.

According to AARP, 77% of adults over 65 would prefer to age in place as they grow older. To accomplish that, 70% of older adults will need some support to age in the home of their choice, according to Harvard University's Joint Center for Housing Studies.

Uncompensated family caregivers spend about $7,200 a year, on average, in expenses out of their own pockets on things like housing, health care and transportation and spend even more for family members with memory-care issues such as Alzheimer's, the TIAA study found.

On average, family caregivers report spending 26% of their income on caregiving activities, with Black and Hispanic/Latino caregivers reporting even greater burdens (34% and 47% of income, respectively), the TIAA study found.

The out-of-pocket spending comes as healthcare costs continue to escalate.

The cost of a home health aide, which includes hands-on personal assistance with activities such as bathing, dressing and eating, has increased to an annual median cost of $75,500 as of 2023, up 10% from 2022 and up 22.2% from 2021, Genworth said.

Homemaker services, which include assistance with tasks such as cooking, cleaning, and running errands, jumped to an annual cost of $68,600, up 7.1% from 2022 and up 15.4% from 2021, Genworth said.

Despite older adults' preference to age in place, 60% are unable to afford two years of in-home, long-term care and support such as assistance with dressing, bathing and meal preparation, according to a study by the National Council on Aging and LeadingAge LTSS Center at UMass Boston.

As a result, the care responsibilities for older adults often falls on their adult children, or seniors go without the care they need.

The push for home care coverage by Medicare comes as a record number of Americans are turning 65 each day, a demographic bubble known as Peak 65.

-Jessica Hall

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10-08-24 1426ET

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