WASHINGTON (NEXSTAR) — Family caregivers are often under financial strain.
“The out-of-pocket costs that families are paying for this kind of caregiving is really extraordinary,” Senior AARP Government Affairs VP Bill Sweeney said.
Sweeney says the organization conducted a new study that showcased the financial hardship caregivers go through.
“On average, it’s about a quarter of a family’s entire household income goes to paying for things for family caregiving,” Sweeney said.
Now, AARP is pushing for a tax credit for those providing care to adult family members and friends.
“This is an opportunity to really be smart about the way that we’re investing our money and really encouraging people to be able to keep some of their own tax dollars to spend it on caregiving for folks,” Sweeney said.
AARP says caregivers of color, as well as Gen Z and Millennials, face the highest financial strain. Generation Z includes people born after 1996, while Millenials are born from 1981 to 1996. The AARP says a tax credit could lighten the burden.
“It sounds like a great idea. Let’s just make sure we have a way to pay for it,” Rep. Seth Moulton (D-Mass.) said.
Moulton says he would support the idea under the right circumstances.
“We’ve got to make sure that we’re actually paying for what we invest in, but I’m not willing to just hand over the bill to our kids and our grandkids,” Moulton said.
Rep. Fred Keller (R-Pa.) says Congress needs to look further into the issue.
“We need to take a look at what the program’s gonna do and if we can be helpful to making sure people get the care they need, let’s have the discussion,” Keller said.