Family Caregivers Pay Dearly for Their Loved Ones

A new report says it's not gas or rent quietly hollowing out many Americans' wallets—it's caring for loved ones. An AARP survey of more than 2,500 family caregivers finds they now shell out an average of $11,508 a year from their own pockets, about 60% more than five years ago and roughly a third of their annual income. Those costs—largely food, housing, and medical bills—have climbed at more than double the pace of overall inflation, reports NPR. The financial hit doesn't stop there: many caregivers cut hours or leave jobs entirely, compounding the strain. Roughly 63 million Americans now provide ongoing care, and that number is expected to grow.

Some states offer tax credits, paid leave, or Medicaid pay for family caregivers, and Congress is weighing national tax breaks and Social Security protections, but large Medicaid cuts under President Trump's budget could undercut existing support. The issue could factor in the midterm elections, notes CNBC: Some 77% of voters over age 50 in 43 competitive congressional districts said they were more likely to vote for candidates in favor of a tax credit for unpaid caregivers, while 75% would get behind candidates in favor of supporting caregivers who help family members stay in their homes. Those voters aged 50+ "are going to be the deciders in the election," says Matt Hogan, a partner at Impact Research.