The Cost of Being a Care Partner

By Becky Meisenheimer, CDP® CMDCP®, Dementia Education Coordinator

Many families find themselves in the situation of providing care for grandparents, parents, a spouse, and even a close friend. Often, these selfless individuals do this work as a “labor of love”, but we must recognize there are personal costs of caregiving.

It is reported that about 24% of our fellow Montanans provide care for a family or friend, most often at no monetary compensation. Many people cut back on hours or quit their jobs entirely to provide care. Not only does that reduce their monthly income, but it also jeopardizes their future financial security by reducing amounts contributed to pensions, retirement funds, and even Social Security benefits.

It is estimated that 80% of Montanans who are providing care use personal funds for out-of-pocket expenses for things like transportation, home modifications, and medical supplies. Some caregivers even take on personal debt or draw from savings to help with these financial burdens.

In addition to monetary sacrifices, there can also be an impact on care partners’ personal family life due to less time spent with immediate family members and friends. Missing these moments, family gatherings, milestones, and social gatherings are significant on their own, but can potentially lead to strain in those relationships, adding yet another price to pay.

As more of us, our friends, family, and neighbors, are taking on the role of care partners, support to connections such as resources and programs may relieve some of these costs. For more information, reach out to Allies in Allies at (406) 259-9666.

Allies in Aging blog is brought to you by First Interstate Bank