It’s like serving a master 24 hours a day, seven days a week, with no compensation, no 401k, no ability to earn a living, no reasonable time off, constrictive job demands that scarcely leave time for your needs, and no way to resign the job once you take it. Oh, and a bonafide job requirement is that, when necessary, you spend your own money on caregiving necessities, with no hope for reimbursement. According to AARP, caregivers spend an average of $7,242 per year of their own money.
This is the worst-case scenario in a caregiver’s life, but in many cases, it’s an accurate description. People who take on this sometimes soul-crushing job, usually do it for a loved one who doesn’t have long-term care insurance or financial resources to hire in-home care services. For you, the selfless volunteer who elects to go down this path, it can mean penury and deteriorating health caused by personal sacrifice.
Lest the foregoing job description sounds heartless, it merely describes full-time caregiving in the most basic manner. Truth is, most if not all of us are deeply committed to our charges, whether it be a relative or friend.
According to AARP, we family caregivers are providing $470 billion in unpaid care each year — doing everything from helping prepare meals and paying bills to assisting with medication and general activities of daily living — most often so that parents, spouses, and other loved ones can continue to live independently in their homes and communities. A whopping 61 percent of us do all of this while also holding down a job.
Wouldn’t it be a huge help if we could receive tax credits for this full-time job?
Enter the possibility of Federal tax credits, with the Credit for Caregiving Act, and Credit for Caregiving Act. The bill’s new, nonrefundable federal tax credit would give eligible family caregivers who work a 30 percent credit for qualified expenses they paid or incurred above $2,000. The credit could help offset the costs of services like home care aides, adult day care, and respite care as well as home modifications like ramps and smart-home technology that make caregiving at home safer and easier.
Sadly, according to GovTrack.us, the bill – H.R. 3321 – has about a 3 percent chance of passing. This is where we come in; log on to GovTrack.us, and lobby your elected representatives to get this bill through Congress. It’s essential that we get this bill or another like it passed because the number of elderly is growing. In fact, according to the NIH’s National Library of Medicine, by 2030 1 out of every 4 persons will be an older person. That means that many individuals living into their 80s will have to cope with chronic disabilities affecting their capacity to perform day-to-day activities.
It’s time to take action!
We want to hear from you, so feel free to share tips, ideas, and resources for seniors with Grannybooster. Email me, Maris Somerville, at info@grannybooster.com
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