The stories I hear about caring for aging parents and relatives typically start with the realization that the elders need help with everyday tasks like grocery shopping and medical appointments.
Many workers also become caregivers, so plan for it financially
In a recent survey, the majority of employees who are or have been caregivers have made at least one work-related adjustment, like missing days of work or reducing hours.
For the Minnesota Star Tribune
March 15, 2025 at 12:02PM
The commitment increases if the mental and physical health of older parents and relatives deteriorates. The stories are often humorous. The love is clear. The emotional strain is real.
Caregiving is commonplace and most households should plan for it. That’s one message from reading the survey data in “Retirement in the USA: The Outlook of the Workforce.” The 25th annual Transamerica Center for Retirement Studies report touches on the impact of caregiving responsibilities on employees. (The Transamerica report includes employees, self-employed and unemployed. I’ll focus on the first.)
Almost 4 in 10 workers are currently serving as or have been caregivers for an older relative or aging friend during their career.
Numerous studies document how caregivers pay a price at work. In the survey, more than 8 in 10 workers who are or have been caregivers made at least one work-related adjustment, including missed days of work and reduced hours.
“Caregiving for a loved one can put the caregiver’s own health, employment and financial situation at risk,” the report noted.
There are no easy answers when it comes to planning for long-term care. The U.S. has a frayed patchwork quilt of services and support. Many employers are improving their benefit packages to offer employees caregiving options. But you must work for one of these companies to take advantage of that.
Medicaid is the main public program for long-term care. (Medicare picks up very little of the expense for long-term care.) Medicaid covers 61% of the total of formal long-term care spending, according to KFF, the health policy research organization. Unfortunately, legislators in Washington, D.C., are currently leaning toward cutting back on the program even as the demand for long-term care services is on the rise.
Families are the main providers of long-term care. Planning for the potential that older loved ones will need care does help. For one, it’s good to realize some savings will go toward care. For another, research can identify public and nonprofit resources to tap if care services become necessary. Finally, conversations about expectations and desires among potential caregivers and older adults are critical.
Taken together, these actions can ease the stress and strain of caregiving. The humor and love remain.
Chris Farrell is senior economics contributor for “Marketplace” and a commentator for Minnesota Public Radio.
There were no optimal outcomes. But there was also a lot of good work, and change that made sense.
