Caring for aging parents or a seriously ill spouse can take a significant toll on one’s physical and mental well-being. The high costs associated with caregiving can double the stress for caregivers who are already feeling overwhelmed.

For those balancing work and caregiving responsibilities, the burden can become even more excessive, often leading to burnout.

According to a 2020 report by the AARP and the National Alliance for Caregiving, approximately 48 million people in the U.S. are caring for adult relatives or friends. Shockingly, 61% of these caregivers also work, predominantly full-time jobs.

A recent survey by the AARP and S&P Global highlights the challenges faced by employees juggling full-time roles along with caregiving duties. Many caregivers encounter difficulties in managing their tasks, leading to a significant impact on their work life.

Among those working while providing care, 50% reported being late, leaving early, or taking time off. Additionally, 32% have taken leave from work, 37% have reduced their hours or shifted to part-time, while 16% have declined promotions, and nearly 16% have even paused their careers altogether.

As the population ages, the demand for caregiving support is on the rise. Melinda Izbicki, a senior leader at Mercer, notes that with an aging population and lengthening work careers, the presence of caregiving responsibilities in the workplace is becoming increasingly common.

Employers have begun to enhance benefits to help employees balance family life, including those related to aging care. Izbicki emphasizes that it’s now essential for employers to consider how to fully support their employees’ family needs, including eldercare benefits.

Flexible work arrangements have become a crucial support system for employees managing caregiving duties. Moreover, some employers are offering more practical assistance as well.

A recent survey of businesses with at least 500 employees revealed that 34% currently provide or plan to offer eldercare referrals or consultations next year. Additionally, 20% offer backup eldercare services, 17% provide in-home caregiver support, and 14% offer eldercare leave.

For larger companies with at least 5,000 employees, the percentage providing caregiver benefits is even higher.

Joseph Fuller, a management professor at Harvard Business School, explains that caregiving situations can often emerge unexpectedly, such as when a once-independent parent is diagnosed with dementia or faces a health crisis.

Fuller has developed a return-on-investment model to evaluate the value of providing caregiving benefits to employees. Analysis from a survey of nearly 100 companies revealed that an average of 30% of respondents said these benefits prevented them from needing to take leave or resign.

The cost of employee turnover is substantial. Fuller’s research indicates that if the average replacement cost for these employees is around 50% of one’s salary, the return on investment for offering caregiving benefits could range between 225% to 340%, with higher turnover costs leading to higher returns.

For employees who need to care for family members, the demands can feel endless, from finding doctors and healthcare aides to coordinating prescriptions and daily activities.

If you find yourself in this position, it’s worthwhile to explore what employer benefits may be available to help ease your burden. Even if your employer doesn’t provide formal assistance, financial planner Danielle Miura suggests discussing your situation with them to potentially adjust your work schedule for greater flexibility or explore options under the Family and Medical Leave Act.

Beyond relying on employer benefits, there are other strategies to reduce the physical, emotional, and financial costs of caregiving while working.

A 2021 AARP study found that most caregivers spend over $7,000 annually out-of-pocket on medical expenses. Miura advises that one way to alleviate financial pressure is to reduce income taxes by claiming the relative receiving care as a dependent. She has also created a tax assistance worksheet specifically for family caregivers.

Additionally, check if local organizations offer respite grants, which can provide relief and reduce stress.

Miura further recommends engaging with other family members to discuss how everyone can contribute to caregiving responsibilities. One idea is to establish a “solutions fund,” which would allow family members to contribute funds specifically for caregiving expenses, such as cleaning services or adult daycare, as well as personal care for the caregiver.

It’s crucial for those balancing work and caregiving to seek support and care for themselves as well.