Affording Specialized Care During an Economic Downturn
For many americans, it’s becoming harder and harder to break even financially, let alone having savings to put away for a rainy day. With job losses mounting due to the pandemic, making end’s meet is on the mind of countless unemployed persons. The Bureau of Labor Statistics shows a slight decrease in unemployment for May as some people returned to work, it’s unclear whether Americans will be able to weather the economic storm with coronavirus cases on the rise in most states across the nation, according to the New York Times Latest Map and Case Count. Of course, the number of cases doesn’t directly cause the number of jobs lost, but the two factors definitely have an interactive relationship. More cases mean more restrictions businesses must implement, along with tightening their own budgets as a result of revenue loss. Job losses are just one result of these business budget cuts.
People learn how to ‘tighten their belts,’ during a time of need, but there are certain places in a budget that you just can’t afford to cut back on. Groceries, utilities and the like are all considered needs, but one budget necessity many often overlook is that of medical/residential care, particularly when it comes to that of disabled family members.
Pandemics affect everyone
Before the pandemic hit, there was already a sizable population of people in financial need due to the expense of caring for aging and/or disabled family members. Lower and middle class members of society with disabled family members were struggling to pay their bills.
Here’s an example to put it in perspective: Maria works in a mid-level customer service position for a popular airline. Thanks to the government bailout, she’s been furloughed and not laid off, but there’s no telling how long that will last if the airlines continue to do poorly during this era of pandemics and travel restrictions. She pays his bills on time, and has some money saved and diversified with a few small investments, but it’s clear that these savings won’t support her aged mother in a skilled nursing facility for the next decade or more. Maria is going to have to figure out how to afford something that’s absolutely necessary: the care of her aging parent.
Consider another example: Stan worked 70+ hours a week with multiple jobs until he was laid off from his job at a sporting good’s store. Now he’s hoping to make up the extra by picking up shifts as a truck driver that he used to just do on the weekends, but he can’t do that without further training and cost. However, it’s not looking good since all of his disposable income is going into payments for a group home where his disabled brother lives. He’s not sure what he can do to cover the costs.
Giving to those less fortunate
Although far more people live paycheck to paycheck due to economic issues rather than a lack of spending savvy, the truth is that Americans from all walks of life are feeling the financial effects of the recent pandemic. People can apply for unemployment, but many employees have been furloughed indefinitely or forced to take pay cuts.
There’s no simple solution to issues such as these, but charitable giving can aid people in paying for the care of their loved ones. Whether it’s in-home care or a separate facility, these types of care are necessities and don’t come cheap. If you’re looking to help those in need at this difficult time, consider donating to the Live Care Foundation, a 501(c)3 public charity dedicated to providing grants for extended care expenses to those in need.
People learn how to ‘tighten their belts,’ during a time of need, but there are certain places in a budget that you just can’t afford to cut back on. Groceries, utilities and the like are all considered needs, but one budget necessity many often overlook is that of medical/residential care, particularly when it comes to that of disabled family members.
Pandemics affect everyone
Before the pandemic hit, there was already a sizable population of people in financial need due to the expense of caring for aging and/or disabled family members. Lower and middle class members of society with disabled family members were struggling to pay their bills.
Here’s an example to put it in perspective: Maria works in a mid-level customer service position for a popular airline. Thanks to the government bailout, she’s been furloughed and not laid off, but there’s no telling how long that will last if the airlines continue to do poorly during this era of pandemics and travel restrictions. She pays his bills on time, and has some money saved and diversified with a few small investments, but it’s clear that these savings won’t support her aged mother in a skilled nursing facility for the next decade or more. Maria is going to have to figure out how to afford something that’s absolutely necessary: the care of her aging parent.
Consider another example: Stan worked 70+ hours a week with multiple jobs until he was laid off from his job at a sporting good’s store. Now he’s hoping to make up the extra by picking up shifts as a truck driver that he used to just do on the weekends, but he can’t do that without further training and cost. However, it’s not looking good since all of his disposable income is going into payments for a group home where his disabled brother lives. He’s not sure what he can do to cover the costs.
Giving to those less fortunate
Although far more people live paycheck to paycheck due to economic issues rather than a lack of spending savvy, the truth is that Americans from all walks of life are feeling the financial effects of the recent pandemic. People can apply for unemployment, but many employees have been furloughed indefinitely or forced to take pay cuts.
There’s no simple solution to issues such as these, but charitable giving can aid people in paying for the care of their loved ones. Whether it’s in-home care or a separate facility, these types of care are necessities and don’t come cheap. If you’re looking to help those in need at this difficult time, consider donating to the Live Care Foundation, a 501(c)3 public charity dedicated to providing grants for extended care expenses to those in need.