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Credit for Caring Act – Caregivers Need Help

August 6, 2022

A family caregiver

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A family caregiver

A recent AARP survey shows that 75% of those aged 50 and over would like to stay in their current homes for as long as possible. Of those who wish to stay in their current residence, 34% realize adjustments must be physically made to their home to accommodate needs as they age. A major factor that makes at-home living a struggle is cost.

Reliable home health care often comes from family

70 percent of Americans who reach 65 will require caregiving. While there are long-term care insurance options available, many Americans will rely on family caregiving to live out their retirement at home. Caregiving can feel like a lonely task — it’s estimated that 1 in 5 Americans provide unpaid family care, and that number is rising to over 40 million family caregivers today. It’s become clear that help is needed to solve this issue. 

Family Caregivers need help

An estimated $470 billion in unpaid care is being provided by family caregivers each year. This includes meal prepping, cleaning, and assisting with bill payments and medication, among other essential duties aging family members require. In addition to time spent in unpaid care, most family caregivers are also paying out-of-pocket expenses, with an average of nearly $7,000. 

The Credit for Caring Act currently in Congress would give a tax break of up to $5,000 to help with the out-of-pocket expenses family caregivers are shouldering alone right now. It’s clear that much more is needed. Due to costs, the number of family caregivers is outpacing traditional long-term care options. This bill would be a huge first step in helping the millions of family caregivers in America today. But for it to pass, more awareness of the issue is needed. 

More information for this bill is available here: 

S.1670 – Credit for Caring Act of 2021

For help with your family caregiving needs, please join our community at Connected Caregiver where we are dedicated to providing information and resources to help you in your caregiving journey.

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The Connected Caregiver App includes Care Essentials for an all-in-one family caregiving app — giving you the tools you need to care for loved ones. Communicate and coordinate with everyone involved, keep the details organized in a centralized app, and even manage medication details.