Home Care For Elderly - Senior Care Online 
                     SENIOR CARE ONLINE – 
WHAT SHOULD YOU KNOW 
ABOUT TAX CREDIT FOR 
CAREGIVING FAMILIES?
Website – www.seniorcareonline.com
What Should You Know About Tax 
Credit for Caregiving Families?
• Whether you are yourself a caregiver of your aging parents or have a 
hired a professional caregiver for the elderly, it poses a financial 
challenge that adds to the already growing list of family expenses. In 
the United States, nearly 48 million families provide care to keep 
their loved ones (with special needs) safe and independent, as per 
the latest 2021 study, Caregiving in the U.S. 2020, conducted by 
National Alliance for Caregiving (NAC) and AARP.
• Finally, the American Association of Retired Persons (AARP) is going 
to make the life of unpaid caregivers a bit easier by providing much-
needed financial assistance. Under the Credit for Caring Act, the 
federal tax credit of up to $5,000 will be provided to eligible working 
family caregivers. This financial support will help cover the entire or 
the majority of caregiving costs that families pay each year out of 
their pockets. www.seniorcareonline.com
How The New Tax Credit Can Help 
Offset the Costs of Elderly Care Service
• As per the bill, the new nonrefundable federal tax credit can help 
eligible working family caregivers enjoy a 30 percent credit for 
qualified expenses they pay or incur above $2,000. This much-
comforting credit can significantly offset the costs of 
Elderly Care Services, as well as home modifications, such as ramps 
and smart-home technology intended to make caregiving at home 
safer and easier.
• As a result, you can feel at more ease financially when it comes to 
seeking the services of professional caregivers.
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Some Benefits Of  The New Tax Credit
1. Increased access to Medicaid programs to make home care 
more affordable
2. Better pay for caregivers and more cost-effective care for 
seniors
3. Reduce the waiting time for Medicaid coverage
Though there is still some time to see how these changes and proposals 
will unfold and help caregiving families, we can certainly say that hiring 
paid Caregivers for Elderly will soon become a more economical and 
attractive option even for low-income families.
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