With the extra costs of taking care of your elderly parents at home it seems only right that the government add more federal and tax deductions to make it easier for caregivers.
Here are 5 Reasons why caregivers need a break: (Statistics taken from the article “It’s Time to Give Family Caregivers a Break” – The Wall Street Journal)
1. Family caregivers are the backbone of our nation’s eldercare system. According to the Family Caregiving Alliance (FCA), 78% of adults receiving long-term care at home rely exclusively on family and friends to provide assistance.
2. 70% of people with Alzheimer’s live at home, and their families provide at least 75% of that care.
3. 70% of people turning age 65 can expect to use some form of long term services and supports.
4. Almost 70% of family caregivers report conflicts between family duties and employment, resulting in reduced hours, unpaid leave and job loss.
5. Family caregivers spend an average of $5.5 thousand on out-of-pocket expenses including food, medicine and transportation.
What do you think about the current tax credit for caregivers? Do you or a loved one struggle financially due to your caregiving responsibilities? We would love to hear from you. Please leave a comment below or discuss this in our forums.