SOURCE: The Washington Post - (Photo from Flickr user Vinoth Chandar used under Creative Commons license)

“As the youngest of the baby boomers celebrate their 50th birthdays this year, many will put renewed attention on what will likely be the biggest expense in retirement: their health.

“Still the responsibility of caring for retirees — as well as the cost — often falls on family members. Almost half, or 46 percent, of caregivers spend more than $5,000 a year on elderly family members, according to a study released Monday by Caring.com, a Web site for people who look after aging parents. Seven percent of caregivers say they spend $50,000 or more a year.

“Expenses that pile up can include spending on medication, medical supplies and in-home care. People who have elderly parents move into their homes may also pay for renovations such as installing ramps, railings and lifts. Then there are the costs that are harder to quantify.

“People caring for elderly parents often have to take time off of work for emergencies. The pressure can trigger their own health issues, says Andy Cohen, chief executive of Caring.com, sometimes leading to depression, high blood pressure and stress. ‘It’s sort of a double whammy,’ he says.

“Also many people are surprised to learn that most Medicare plans don’t cover the costs of assisted living or home health care. ‘They’re shocked and usually in a panic,’ Cohen says.”

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