November is National Family Caregivers Month, a time to recognize the millions of Americans who provide care for a family member or loved one. According to Caregiving in the U.S. 2025, a report from AARP and the National Alliance for Caregiving, 63 million Americans—nearly 1 in 4 adults—provided ongoing care for an adult or a child with a complex medical condition or disability in the previous year.
For many families, becoming a caregiver isn’t something they planned for. A parent falls, a spouse receives a diagnosis, or a service-connected injury changes daily life, and a family member steps in.
The financial impact of that role can be easy to underestimate until the costs begin to add up.
The costs you can see
Family caregiving often comes with direct expenses. An AARP study published in 2021 found that family caregivers who reported out-of-pocket expenses spent an average of more than $7,200 annually on caregiving-related costs.
Those expenses can include transportation, household needs, medical or care-related costs, and home modifications. For military families who may live far from relatives, providing care can also mean additional travel expenses when a loved one needs help.
The costs that don’t show up on a bill
The financial impact of caregiving extends beyond what families pay out of pocket. Caregivers spend an average of 27 hours each week providing care, and nearly one in four provides more than 40 hours of care per week. Six in 10 family caregivers are also employed while providing care. Among working caregivers, about half experience work disruptions such as arriving late, leaving early, or taking time away during the workday.
Over time, those disruptions can affect more than a paycheck. Reducing work hours, using savings or taking on additional debt can create longer-term financial consequences. The 2025 caregiving research found that nearly half of caregivers experienced at least one negative financial impact related to caregiving.
Support for military and Veteran family caregivers
Military and Veteran families may have access to programs designed to help with some of the demands of caregiving.
The U.S. Department of Veterans Affairs’ Program of Comprehensive Assistance for Family Caregivers (PCAFC) provides support to eligible caregivers of qualifying Veterans. Among other requirements, the Veteran generally must have an individual or combined VA disability rating of 70% or higher, need at least six continuous months of in-person personal care services, and be enrolled in VA health care.
Depending on eligibility and caregiver designation, benefits may include caregiver education and training, mental health counseling, and certain travel benefits. Eligible Primary Family Caregivers may also receive a monthly stipend, access to CHAMPVA health care benefits if they meet applicable requirements, and legal and financial planning assistance. Respite care services may also be available to help support qualifying Veterans and their caregivers.
Veteran caregivers who don’t qualify for PCAFC may still be able to access resources through the VA Caregiver Support Program.
What job protections are available to military caregivers?
The Family and Medical Leave Act (FMLA) may provide job-protected leave for eligible employees caring for a qualifying current service member or Veteran.
Eligible employees who are the spouse, child, parent, or next of kin of a covered service member or Veteran may take up to 26 workweeks of military caregiver leave during a single 12-month period to provide care for a qualifying serious injury or illness.
For Veterans, eligibility generally requires that they were discharged or released from military service under conditions other than dishonorable within the five years before the employee first takes military caregiver leave. Additional eligibility requirements apply.
FMLA leave may be unpaid, although employees may be able to use employer-provided paid leave at the same time. If caregiving could affect your work schedule, talk with your employer’s human resources office about your eligibility and the leave or workplace options available to you.
Where life insurance fits into financial planning for caregivers
Life insurance serves a different purpose than financial assistance programs. While it doesn’t cover daily caregiving expenses, it can provide a death benefit to beneficiaries if the insured dies while coverage is in force.
That can be an important consideration for caregivers. If other people depend on your income or the care you provide, your absence could create additional financial needs for your family.
For that reason, becoming a caregiver, or anticipating a change in your work or income, can be a good time to review your existing life insurance coverage and beneficiaries.
The Uniformed Services Benefit Association® (USBA®) sponsors Group Level Term Life Insurance with 5, 10, 15 and 20-year term options. Premiums are designed to remain level during the selected term, although they are not guaranteed. USBA-sponsored Group Whole Life Insurance provides permanent coverage and builds cash value. Once approved, the premium is guaranteed not to increase, and the coverage amount is guaranteed not to decrease, provided required premiums are paid. Policy loans are available once sufficient cash value has accumulated; unpaid loans and interest reduce the policy’s cash value and death benefit.
USBA-sponsored group life insurance coverage is also portable. If you retire or separate from military or Federal service, you can keep coverage that remains in force as long as required premiums are paid. Retirement or separation itself does not cause your rate to increase or your coverage to decrease. Eligibility requirements, policy terms, and underwriting requirements apply.
Financial steps caregivers can take early
If you are becoming a family caregiver, a few early steps can help you better understand the financial resources and protections available to you:
- Talk with your employer’s human resources office about leave, flexible scheduling, and other workplace benefits that may apply.
- Keep records and receipts for caregiving-related expenses and consult a qualified tax professional about whether any expenses may receive tax treatment.
- If you’re caring for a Veteran, explore VA caregiver programs and contact your local VA Caregiver Support Program team to learn what assistance may be available.
- Review your household budget, emergency savings, and other financial obligations as your caregiving responsibilities change.
- Review your existing life insurance coverage and beneficiary designations to make sure they continue to reflect your family’s needs.
Caregiving can quickly change a family’s schedule, responsibilities, and finances. Understanding the resources available and reviewing your financial protection as your circumstances change can help you make more informed decisions for yourself and the people who depend on you.
To learn more about USBA-sponsored Group Life Insurance options, call a USBA Product Specialist at 877-297-9235 or visit the Life Insurance Overview page.
Sources
AARP Research. Caregiving Out-of-Pocket Costs Study 2021. Caregiving Out-of-Pocket Costs Study 2021
AARP and National Alliance for Caregiving. Caregiving in the US 2025. Washington, DC: AARP. July 24, 2025. Caregiving in the US 2025
AARP. New Report Reveals Crisis Point for America’s 63 Million Family Caregivers. July 24, 2025. AARP report summary
U.S. Department of Veterans Affairs. The Program of Comprehensive Assistance for Family Caregivers. VA Family Caregiver Assistance Program
U.S. Department of Veterans Affairs, Caregiver Support Program. Program of Comprehensive Assistance for Family Caregivers (PCAFC). PCAFC eligibility and benefits
U.S. Department of Labor, Wage and Hour Division. Family and Medical Leave Act. Family and Medical Leave Act
U.S. Department of Labor, Wage and Hour Division. Fact Sheet #28M: Using FMLA Leave Because of a Family Member’s Military Service. Fact Sheet #28M
U.S. Department of Labor, Wage and Hour Division. Fact Sheet #28M(a): Military Caregiver Leave for a Current Servicemember under the Family and Medical Leave Act. Fact Sheet #28M(a)
U.S. Department of Labor, Wage and Hour Division. Fact Sheet #28M(b): Military Caregiver Leave for a Veteran under the Family and Medical Leave Act. March 2025. Fact Sheet #28M(b)