It’s likely you, or someone you know, has taken care of a loved one on a long-term basis. According to AARP, people spend around $7,000 a year as caretakers on average.
For a lot of people, that’s a big financial burden, along with the emotional toll that you really can’t put a number on.
However, there is a new bill in Congress that could at least help bring down the cost of looking after a loved one.
It’s called the Credit for Caring Act, and it would offer up to a $5,000 tax credit for eligible caregivers.
In a recent study, AARP found that housing is often the biggest expense for caregivers, but other expenses, like medicine and doctors’ visits, add up.
Caregivers are also often managing looking after a loved one, which can be like a part time job, with a full time job. Amanda Fredricksen, associate state director for advocacy and outreach for AARP Texas, said that’s why something like the Credit for Caring Act makes sense.
