#United States #Washington #Family Caregivers #AARP #Credit for Caring

AARP Advocates for Family Caregivers Through New Legislation

The American Association of Retired Persons (AARP), a prominent nonprofit organization devoted to the rights and welfare of those aged 50 and older, is pushing Congress to pass the reintroduced Credit for Caring Act. This significant piece of legislation aims to deliver much-needed financial aid to family caregivers who dedicate their lives to supporting aging parents, spouses, and other loved ones.

The Credit for Caring Act has garnered bipartisan support, with Senators Shelley Moore Capito (R-WV) and Michael Bennet (D-CO) introducing the bill in the Senate, while Representatives Mike Carey (R-OH) and Linda Sánchez (D-CA) represent it in the House. The proposal includes a tax credit of up to $5,000, which is nonrefundable, designed to alleviate the financial burden that caregivers typically face. This tax credit will assist in covering various caregiving expenses, ranging from home modifications to adult day care services, thereby addressing the challenging circumstances that many caregivers must navigate daily.

According to AARP, family caregivers are estimated to spend over $7,200 annually on out-of-pocket expenses related to caregiving, which comprises approximately 26% of their income. Nancy LeaMond, AARP's Executive Vice President and Chief Advocacy Engagement Officer, emphasizes the importance of supporting caregivers. “America's family caregivers put family first, helping their parents, spouses, and others stay at home,” she stated. With the caregiver burden rising, this financial aid is crucial for those who often juggle work responsibilities alongside caregiving duties.

Currently, over 48 million Americans serve as family caregivers, playing an indispensable role in their communities. However, this commitment often leads to personal sacrifices, including reduced work hours or leaving jobs entirely, which impact their financial security, retirement savings, and overall well-being. The Credit for Caring Act aims to remedy these disparities by providing a tangible solution that acknowledges the significant contributions caregivers make to society.

In addition to the emotional and personal costs associated with caregiving, it also incurs substantial economic implications. An AARP analysis highlights that if caregivers aged 50 and older were offered better workplace support, there could be a potential increase of $1.7 trillion in the U.S. GDP by the year 2030. This underscores the immense value of caregivers who not only delay or preclude the necessity for costly institutional care for their loved ones but also contribute significantly to the nation’s economy.

AARP continues to champion the cause of family caregivers through initiatives like the reintroduction of the Credit for Caring Act, urging Congress to prioritize the passage of this essential legislation. As the nation grapples with an aging population, supportive measures for caregivers will not only benefit individuals and families but also enable communities to thrive collectively.

About AARP
AARP is the largest nonprofit organization in the U.S. dedicated to empowering individuals aged 50 and above. With a focus on fostering community support and advocacy for critical issues affecting this demographic, AARP serves over 100 million members, providing resources that promote health security, financial stability, and personal fulfillment. More information about AARP and its mission can be found here.

In conclusion, the reintroduction of the Credit for Caring Act marks a significant advancement in recognizing the vital roles caregivers play in our society. As the legislative process moves forward, AARP and its supporters remain hopeful for a compelling outcome that will offer much-needed relief to millions across the country.