20 years ago, they were caring for loved ones. They're still struggling to financially recover.

"Decades ago, Mason had a stable job in construction, while his wife, a stay-at-home mom, returned to work. However, in 1993, she had pains that required gallbladder surgery. They paid to keep her employer's health insurance after she took a leave of absence. While undergoing treatment, she discovered a lump in her breast. It was cancer. Months later, bills started pouring in. They later discovered they didn't have coverage, as her cancer was a pre-existing condition."

"Over the last year, dozens of older Americans told Business Insider that caring for loved ones years ago, while rewarding and important, was hard to financially bounce back from. Some, like Mason, said they recovered their losses through meticulous planning. Others never had the chance to recuperate, as they couldn't secure a decent job or had to care for another family member."

"Many said they felt forgotten and left to fend for themselves, sometimes working into their 80s and 90s to save enough. This wasn't the first time Mason had been a caregiver. His brother lived with him on and off before he met his wife. Mason and his wife took care of her best friend's two children while she battled multiple sclerosis."

Jeff Mason, 76, drives for Uber until 2 a.m. to maintain financial security after decades of caregiving expenses depleted his resources. In 1993, his wife's cancer diagnosis resulted in $300,000 in medical bills after insurance denied coverage for pre-existing conditions, forcing the family to liquidate retirement savings and remortgage their home. After years of disciplined saving, Mason rebuilt his IRA to $300,000 and retired in 2018, but subsequent health crises including his own prostate cancer and heart surgeries renewed financial anxiety. Dozens of older Americans report similar experiences where caregiving responsibilities, though meaningful, created lasting financial hardship. Some recovered through careful planning, while others never recuperated, unable to secure stable employment or manage additional caregiving demands, resulting in many working into their 80s and 90s.

Read at Business Insider