1. THE INFORMAL CAREGIVER
Informal care: The economic value AND financial impact on healthcare insurance
INTRODUCTION
Informal care is mainly provided by family, close relatives, friends, and neighbours. It is a common form of long-term care, which can reduce medical expenditures, and is often preferred to formal care. The demand for informal care will undoubtedly continue to rise due to the increasing aging population and the associated chronic (multi)morbidity. However, socio-economic changes - in particular an increase in female labour force participation, the increasing number of divorces, the decline in birth rate, and family structure changes such as children living far away - may limit the availability of informal care in the future.
THE INFORMAL CAREGIVER
Informal caregivers are generally less-educated women, aged between 45 and 70 years old, working either part-time or being unemployed, and taking care for their elderly parent(s) or frail partner.
ECONOMIC VALUE
According to classic simulation models, the economic value of informal care in the Dutch speaking part of Belgium (Flanders) is €11,38 billion annually. On a national level, this means €22,27 billion annually.
FINANCIAL IMPACT
Informal caregivers find it difficult to combine care and paid work, with absenteeism as possible result. The financial impact of informal care on healthcare insurance in the Flemish Region and on a national level is estimated at respectively €0,6 million and €1,2 million each day.
CONCLUSIONS
Informal care represents an enormous economic value. As such, informal care is of key importance to keep future healthcare affordable. Nevertheless, there is a call for more recognition and support, in terms of psychosocial support, social protection, and financially.
Patient Safety Research Group.
Mirko Petrovic & Dominique Vandijck. Hasselt University.
Melissa Desmedt, Jochen Bergs, Johan Hellings,
Economic value
€22,27 billion annually
Financial impact
€1,2 million each day
@MelsDesmedt