A third of family caregivers spend over $10K a year

About a third of family caregivers spend more than 30 hours a week on caregiving tasks, a new survey shows. And about a third spend more than $10,000 a year on caregiving expenses, such as medications, medical bills, in-home care and in some cases senior housing.

"The uncovered cost of caregiving often catches people by surprise," says Andy Cohen, CEO of Caring.com, a website for family caregivers. "It is something they haven't planned for and budgeted for."

The findings are based on an online survey of 1,345 visitors to Caring.com. Most of the respondents are taking care of a parent, and some are taking care of a spouse, significant other or relative. "It's often people in their 50s and 60s caring for parents who are in their 80s and 90s," Cohen says.

The survey found that 46% of family caregivers spend more than $5,000 a year on out-of-pocket caregiving expenses; 32% spend less than $5,000; and 21% don't know how much they spend. About 7% spend $50,000 or more a year. "Those people are probably paying for a senior living community," Cohen says.

About half of the caregivers in the survey are retired; 39% are working full time, part time or are self-employed. Of those who are working, 60% say their duties have had a negative impact on their jobs; 17% say they have had to miss a significant amount of work because of those caregiving duties.

Other findings:

• A third (36%) of caregivers feel they have no sources of support to turn to.

• 65% say they are caring for someone with Alzheimer's disease or other dementia.

• 59% of caregivers live with the person they are caring for; 20% of the people being cared for live in an assisted-living center, nursing home or other senior community.

• 43% of family caregivers who had to pick a senior housing option for the person they cared for made that decision within a month; 21% took six months or more to make the decision.