Congress is looking at giving family caregivers a tax credit to help offset expenses. AARP said caregivers spend on average just over seven thousand out of pocket annually. AARP State Director Denise Botcher said it is a bipartisan effort known as the Credit for Caring Act.
“It would create a tax credit of up to $5,000 for working family caregivers. And this could really help offset some of those major expenses that we know family caregivers are facing,” said Botcher.
Botcher said 80-percent of those caring for family members are paying out-of-pocket expenses with the highest burden falling on younger caregivers and those who are Hispanic or Black.
“So, they’re paying things like rent or mortgage for that family member, they might be paying for assisted living, or even home modifications so they can continue to live in their own home,” said Botcher.
Botcher said half of a caretaker’s spending is then followed by medical expenses.
So far, the Credit for Caring Act is receiving positive feedback from lawmakers. Botcher said Congress recognizes that family caregivers are under a lot of pressure, especially after many lost support services during the pandemic.
“But they also know that if they support family caregivers in this way, they can help people live at home for as long as possible with the support and care that they need,” said Botcher.
Botcher said caregivers assisting those with Alzheimer’s, dementia or mental health issues spend more than eight thousand annually.
For more information visit AARP.
Comments