Family caregivers save our state billions of dollars, but too often pay the price. Oklahoma family caregivers work tirelessly without pay to keep their loved ones at home and out of costly taxpayer-funded nursing homes.
If you’re a family caregiver or know someone who is, you know it takes an emotional toll. It also has an actual financial cost. Caregivers sacrifice income, job security and their savings.
More than three out of four family caregivers pay out-of-pocket for care-related expenses like medical equipment, personal health care aides and home modifications.
Caregivers spend an average of more than $7,200 each year. Those who live far away from their loved ones spend almost double that amount.
Plus, some family caregivers must juggle work to care for loved ones, which can reduce income on top of any existing financial challenges related to caregiving expenses. It also puts career advancement opportunities and retirement savings at risk.
While family caregivers are facing these personal financial burdens; they’re actually saving our state money by keeping their loved ones out of taxpayer-funded nursing homes. The economic value of unpaid care provided by family caregivers in Oklahoma is about $5.8 billion annually.
It’s time we give caregivers some financial relief. We greatly appreciate Rep. Tammy West introducing the Caring for Caregivers Act (HB 3371) to provide a modest tax credit to family caregivers who pay out of their own pockets to keep loved ones at home. This legislation is not only targeted but timely given the toll the pandemic has paid on the unsung heroes who have risen to the occasion and cared for their loved ones.
The Caring for Caregivers Act will provide a non-refundable tax credit of up to $2,000 for qualified expenses related to the care of an older loved one. The bill increases the credit to $3,000 if the care recipient is a veteran or suffering from Alzheimer’s — honoring the sacrifice our veterans made and recognizing the toll Alzheimer’s can take not only on the loved one, but also on the family caregiver.
We can never repay our family caregivers for all they do. They are truly the backbone of our long-term care system. In my eyes, they are Oklahoma’s unsung heroes. We recognize their emotional and financial commitment and should also reward their work with a modest tax credit. They’ve earned it. It’s time for a family caregiver tax credit.
Sean Voskuhl is state director of AARP in Oklahoma.
This article originally appeared on Oklahoman: Viewpoint: Family caregivers deserve tax credits for saving Oklahoma money
