Family caregivers provide $600 billion in unpaid care each year, often impacting their own career opportunities or their families’ financial security. To help them cope with this burden, NAIFA strongly supports the bipartisan Credit for Caring Act, which would provide a $5,000 tax credit to offset out-of-pocket costs associated with home caregiving. These may include the cost of home modifications, health aides, adult daycare, medicines, transportation, and other support services.

NAIFA President Doug Massey has sent letters to Representatives Mike Carey (R-OH) and Linda Sanchez (D-CA), cosponsors of the bill in the House, as well as Senators Shelley Moore Capito (R-WV) and Michael Bennet (D-CO), cosponsors of the bill in the Senate, thanking them for their leadership and supporting the bill.

The tax credit provided under the legislation may encourage family caregivers to proactively plan for the financial aspects of providing care and help address the long-term care crisis facing our country. NAIFA supports additional efforts, including those that would encourage wider adoption of long-term care insurance, to address the rapidly increasing need for long-term care and associated costs. NAIFA's Lifetime Healthcare Center is a resource for financial professionals assisting clients with long-term care planning and other healthcare needs.

In his letters, Massey offers NAIFA’s assistance to lawmakers in the efforts to implement long-term care solutions.