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Valuing the Invaluable 2023: Strengthening Supports for Family Caregivers

The unpaid work provided by family caregivers is valued at an estimated $600 billion, according to the latest report in AARP’s Valuing the Invaluable series. That’s up from the $470 billion worth of unpaid caregiving provided in 2017 and continues a 25-year trend of increasing economic value. In addition to providing such illuminating numbers, this latest report on the topic explores the growing complexity of caregiving and details policies to support family caregivers.

Workplace Savings Programs Address Inflation-Exacerbated Debt, Dwindling Savings

Policies that help families build savings are fundamental to coping with today's inflation-driven financial challenges. The recently enacted Secure 2.0 Act, which expands access to workplace retirement and emergency savings programs, can help stem future financial adversity. As the national savings rate plummeted and credit card debt ballooned in 2022, Secure 2.0 is especially beneficial to older adults on fixed incomes, low-and-moderate-income households, Black and Hispanic households, and women.

More Older Americans Can Afford Health Care Through a Program Already Available

Medicare Savings Programs (MSP), which could save low-income adults a minimum of $165 a month in health care costs, are underused. For eligible individuals, MSPs help pay Medicare premiums, co-pays, deductibles, and other out-of-pocket expenses. Yet more than 1.4 million older adults who may already qualify either don’t realize it or haven’t enrolled for another reason, including the cumbersome application process and fears about Medicare scams.

Traditional Medicare Beneficiaries Spend a Significant Share of Income on Health Care

Spending for health care consumes a notable share of many traditional Medicare beneficiaries’ incomes, with those living on modest incomes or who are in poor health facing the heaviest financial burdens, according to a new AARP Public Policy Institute report. On average, traditional Medicare beneficiaries paid $6,663 for health care in 2019. That means half of these older adults spent at least 16 percent of their income – and 10 percent spent at least 52 percent – on health care.

Policy Now Video: The Push to Enroll Eligible Adults in Medicare Savings Programs

The AARP Public Policy Institute is working with AARP Foundation, other nonprofits and AARP’s network of volunteer nurses to boost the use of a crucial government resource: Medicare Savings Programs (MSP). In this recently released Policy Now segment, Senior Policy Advisor Tobey Oliver details how MSPs ease the burden of out-of-pocket Medicare costs for eligible adults. The two-minute video also highlights how MSPs are under-enrolled, as many eligible adults are confused by the application process or don’t know of the program’s existence.

Mentoring Nursing Students at HBCUs: An Update on Our Work

Mentoring nursing students of color improves school retention, graduation rates and pass rates for the NCLEX nursing licensure exam. And in the bigger picture, it helps create health equity by supporting a more diverse workforce that reflects the community. The Future of Nursing: Campaign for Action , an initiative of AARP Foundation, AARP, and the Robert Wood Johnson Foundation, continues to scale mentoring programs at Historically Black Colleges and Universities, as well as nursing schools serving predominantly Hispanic and American Indian and Alaska Native students. This blog discusses the program’s growth, including its numerous partner associations and participation with 100 different schools.

In the News

Money may not buy you love - but it can buy a secure retirement
Orlando Sentinel

Financial Experts Say Americans’ Retirement Plans Have Changed Amid Inflation, Rising Interest Rates And Market Volatility
WAPT TV (Jackson, MS)

Family caregivers’ unpaid work valued at $600 billion: report
McKnights Senior Living

Editor-in-Chief: Susan C. Reinhard, RN, PhD, FAAN
Senior Writer/Editor: Carl Levesque

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