Bob Murphy, State Director for AARP Colorado shares why it’s important to provide tax credits for those providing care to adult family members or friends due to the financial strain on family caregivers.
There are approximately 48 million people in the United States providing care to an adult family member or friend. Family caregivers are the backbone of our long-term care system, and they are breaking under the strain.
Family caregivers experience physical, emotional, and financial challenges. They not only spend time and energy caring for a loved one, but most also spend their own money to help care for their loved one.
A new study conducted by AARP demonstrates the importance of supporting family caregivers not only with resources and education, but financial assistance as well. The recently introduced bipartisan Credit for Caring Act would provide a tax credit of up to $5,000 to eligible caregivers. AARP believes this would offer much needed financial support to family caregivers, many of whom sacrificed their own financial security to care for their loved ones.