Independent Women’s Voice, a 501(c)(4) organization for mainstream women, men and families, is proud to support the Credit for Caring Act, which will alleviate the steep financial burdens family caregivers often face when caring for loved ones requiring long-term medical care.
Nearly 40 million adults have selflessly taken on a family caretaker role in the United States. These family caregivers have devoted 37 billion hours of unpaid care, valued at an estimated $470 billion each year. So often, these individuals incur out-of-pocket expenses and take time away from work to ensure that their loved ones receive the care they need.
Whether it’s looking after an elderly relative, a spouse with a major debilitating medical condition or a child with special needs, family caregivers play a vital and honorable role in our society and would benefit greatly from policies that recognize these contributions and sacrifices. As Senator Joni Ernst, a cosponsor of the bill, put it, “If you ask them, family caregivers would not trade their role for anything, but they would appreciate a bit of additional help and support.”
The Credit for Caring Act would provide caregivers supporting a sick or aging family member a non-refundable tax credit of up to $3,000 for 30 percent of qualified, long-term care expenses. The tax credit would apply to family caregiving expenses greater than $2,000, and could include medications, transportation to doctor’s appointments, necessary modifications in the home, lost wages for time out of the workforce, and more.
Consequently, this tax credit would not only ease the financial burdens of providing long-term care, but could enable many caregivers to continue participating in the workforce while still helping their loved ones.
Family caregivers are the backbone of our healthcare system and deserve not only our appreciation, but our support. That is why IWV strongly urges members of the U.S. Senate to support the Credit for Caring Act.
President and CEO
Independent Women’s Voice
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