You may have heard of the Credit for Caring Act on the news. Do you know what it is and how it could help your family? If you’re a family caregiver, this act is something you need to know about. It is still in the works, but if it passes in 2019, you could have financial help for things like adult day programs and respite care from caregivers.
What the Act Means for Your Family
Credit for Caring Act was proposed in 2016 and was sent to the house in 2017. It’s meant to help family caregivers afford caregivers while they’re at work. The goal of the act is to offer a maximum $3,000 tax credit for family caregivers who balance care and jobs.
According to the AARP, the average amount of money spent on caregiving in 2016 came to $7,000. By helping their parents afford some care services, adult children put their own financial security at risk. It’s a risky venture when odds are high that today’s family caregivers will one day need care, but there’s no money there to cover the cost of that care.
With Credit for Caring, family caregivers who spend more than $2,000 on care services could claim a 30 percent credit on the excess. The tax credit is capped at $3,000.
The adult child doesn’t have to live with his/her mom or dad. The yearly income must exceed $7,500 to qualify. Family caregivers have to be caring for a parent with physical or cognitive health issues and get proof from a licensed doctor. Before claiming this tax credit, family caregivers need to have documents that support the expenses they are basing their claim on.
For now, the bill was referred to Ways and Means. No one is certain if it will pass. The AARP is pushing for action.
What Can You Do in the Meantime?
While this act is being debated, what can you do? It’s hard to afford the care your parent needs. Many families face an impossible choice. Quit your job or cut your hours in order to care for an aging parent or pay for caregivers.
Families fear the cost of home care services. They shouldn’t. While professional caregivers do cost money, you don’t always have to have them there all day, every day. You could work out a schedule with your siblings that pairs family caregiving with professional caregivers.
This ensures you keep working, but it also brings a companion into your parent’s life. They’re used to you. You’re safe and familiar. A professional caregiver requires a different level of socialization. It’s someone your mom or dad can get to know and trust.
Talk to a home care agency about the many services caregivers can offer your parent. You’ll learn more about pricing and how often to schedule visits from caregivers. Call today to learn more about senior care services at home.
Sources:
https://www.aarp.org/caregiving/financial-legal/info-2017/credit-for-caring-act.html
if you or an aging loved one is considering caregivers in Highlands Ranch, CO, please contact the caring staff at SYNERGY HomeCare today at 303-953-9924.
