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AARP Indiana Tells Sen. Young: “Don't Forget About Family Caregivers.”
As federal spending discussions heat up in Washington, D.C., AARP Indiana is asking U.S. Sen. Todd Young and Congressional leaders to remember working family caregivers by supporting the Credit for Caring Act.
According to a recent poll from AARP, 84% percent of voters support a federal tax credit for working family caregivers. Employed caregivers often leave the workforce or reduce their hours due to caregiving, resulting in a loss of income, retirement savings, benefits, and career mobility.
Family caregivers are the backbone of the U.S. care system. Here in Indiana, an estimated 790,000 Hoosiers are unpaid family caregivers providing 740 million hours of care each year. The value of this unpaid care is $10.8 billion.
“Family caregivers consistently put family first. They take responsibility to help their parents, spouses, and loved ones stay at home—where they want to be,” said AARP Indiana State Director Sarah Waddle. “These Hoosiers continue to step up for their loved ones and we need Congress to do the same for them.”
On average, family caregivers spend $7,200 out-of-pocket annually on care-related expenses, about 25% of their income, making it difficult for them to afford groceries and pay their bills.
How the Credit for Caring Act Would Help
- The Credit for Caring Act would help working family caregivers offset the cost of caregiving expenses such as home care aides, adult day services, home modifications, assistive technology, respite care, transportation, and other supports.
- Eligible family caregivers assisting loved ones of all ages could receive the credit if the care recipient meets certain functional or cognitive limitations or other requirements certified by a licensed healthcare practitioner.
- Caregivers would need to be working and document qualified expenses.
- The credit amount would be 30% of the qualified expenses paid or incurred by the caregiver above $2,000, up to a maximum amount of $5,000. The tax credit is non-refundable.
- Unlike the existing child and dependent care credit, the bill would help family caregivers who care for non-dependents or who do not live with the person they are assisting.
- Individuals with higher incomes would be ineligible for the tax credit and the bill includes protections to prevent double-dipping with existing federal tax provisions.
As part of the effort to highlight the importance of supporting family caregivers, AARP Indiana also released a video of AARP volunteers speaking about their own caregiving experiences.
For more information on AARP Indiana and its support for caregivers visit aarp.org/IN.
Add your name to the growing list of Hoosiers who think caregivers need support!
