NAIFA CEO Kevin Mayeux’s latest column, The Bipartisan Kindness of Caregiving, is featured in InsuranceNewsNet. In this piece, Kevin brings national attention to the financial burden faced by millions of Americans who care for aging parents and loved ones. His message is clear: Caregiving is both an act of love and a financial challenge that deserves bipartisan legislative support.
Kevin’s column outlines the hidden costs of caregiving, citing research that shows family caregivers spend an average of $889 per month out of pocket, often at the expense of their own financial goals. He spotlights two key pieces of bipartisan legislation, the Credit for Caring Act and the Lowering Costs for Caregivers Act, both of which would provide critical financial relief. “This is one area where sharply divided politicians can put aside ideological differences and together make a real difference,” he writes, emphasizing the universal importance of supporting caregivers through smart, targeted policy. These proposals aim to create a new $5,000 tax credit and expand the use of HSAs and FSAs to help cover caregiving expenses.
The column also features insights from Carroll Golden, Executive Director of NAIFA’s Lifetime Healthcare Center, who emphasizes that caregiving is not just a personal challenge but a financial one as well. Carroll notes that many financial professionals are caregivers themselves and have seen how caregiving costs can disrupt even the most carefully prepared plans. Their firsthand experience makes them valuable advocates for policies that support caregiving clients and prepare families for the financial impact that often comes with caregiving responsibilities.
NAIFA continues to advocate for smart policy solutions that support caregiving families and empower advisors to provide thoughtful, proactive guidance. Read the full article to explore how these efforts are making a difference.