Economic Value of Family Caregiving in Wyoming Reaches $1.06 Million Annually, New AARP Report Shows

CHEYENNE — Wyoming’s family caregivers now provide $1.06 million worth of labor each year, according to a new AARP report. Most of this work is unpaid, yet it forms the backbone of the nation’s long-term care system, which is essential to helping millions of older adults live independently at home.

Why this matters: Without family caregivers, many more Wyomingites would rely on expensive institutional care, driving significantly higher costs for taxpayers and public programs.

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“Family caregivers are a major economic force that fill critical gaps in our health care system.” said Tom Lacock, Associate State Director for State Advocacy and Communications. “The economic value they provide now exceeds $1M annually, yet this care often comes at significant cost to caregivers’ health and financial security, and well-being. AARP is elevating this important issue and fighting to save family caregivers time and money.”

Key findings from the report – Valuing the Invaluable 2026 – include:

• 64,000 Wyomingites are caregivers of adults, providing care for older parents, spouses, neighbors, and other loved ones, contributing 56 million hours of care annually, work that would be valued at $1.06 million per year if paid in the marketplace, based on a value of $18.97 per hour.
• Across states, the estimated value of caregiving ranges from $14.12 per hour in Louisiana to $27.05 per hour in Washington, reflecting regional differences in wages and the cost of care.

National Findings:

• 59 million Americans are caregivers of adults, providing care for older parents, spouses, neighbors, and other loved ones, contributing 49.5 billion hours of care annually, work that would be valued at $1.01 trillion per year if paid in the marketplace, based on a value of $20.41 per hour.
• The 49.5 billion hours of care provided each year are the equivalent of nearly 24 million full-time workers, roughly 17% of the entire U.S. full-time workforce.
• The value of family caregiving exceeds total federal, state, and local Medicaid spending nationwide, and almost doubles all out-of-pocket health care spending.