▶ The caregiving effect is the welfare effect of providing informal care, i.e., the effect of the burden of caregiving. The family effect is a direct influence of the health of a patient on others’ well-being, i.e., the effects of caring about other people. ▶ TThe caregiving effect can be present only in caregivers while the family effect in the broader group of significant other, regardless of their caregiving status. However, both effects are usually disregarded in economic evaluations which treat patients as isolated individuals. ▶ Using a sample of Dutch informal caregivers we found that both effects exist and may be comparable in size. Our results, while explorative, indicate that economic evaluations adopting a societal perspective should include both the family and the caregiving effects measured in the relevant individuals. Besides patients’ health and well-being, healthcare interventions may affect the well-being of significant others. Such ‘spill over effects’ in significant others may be distinguished in two distinct effects: (i) the caregiving effect and (ii) the family effect. The first refers to the welfare effects of providing informal care, i.e., the effects of caring for someone who is ill. The second refers to a direct influence of the health of a patient on others’ well-being, i.e., the effects of caring about other people. Using a sample of Dutch informal caregivers we found that both effects exist and may be comparable in size. Our results, while explorative, indicate that economic evaluations adopting a societal perspective should include both the family and the caregiving effects measured in the relevant individuals.