If NJ doesn't invest in family caregivers now, who will help our seniors? | Opinion
AARP New Jersey congratulates NorthJersey.com, The Record and USA TODAY Network’s “Aging in New Jersey” series that has shed a critical light into the obstacles and complexities of our system of long-term care, especially when it comes to keeping our loved ones at home – where they want to be.
By 2034, the U.S. Census Bureau projects that adults 65 and older will outnumber children under the age of 18 for the first time in American history. Surely, it’s a privilege to grow older, but it’s not easy. As outlined in the “Aging in New Jersey” series, most of us will be faced with difficult decisions on how we will manage to care for our older loved ones, and ultimately, how we ourselves will be able to remain in our homes and communities as we age. If we do not act, the struggle for those of us needing care and our caregivers will become more untenable as we face a growing demand and shrinking pool of potential loved ones willing and able to help.
In New Jersey, we have 1 million family caregivers who work tirelessly to keep their spouses, aging parents or other loved ones at home by assisting with everything from bathing and dressing to medical appointments and transportation. While families support one another out of love, if you’re a family caregiver or know someone who is, then you’re aware there is an emotional toll and real financial cost. That’s why AARP New Jersey is urging lawmakers to pass the Caregiver’s Assistance Act (A1802/S2021) that will provide low- and moderate-income eligible family caregivers of older loved ones with a modest income tax credit of up to $675.
On average, family caregivers in the U.S. spend 26% of their income on caregiving activities, and often, they have to cut back or leave the workforce entirely to care for a loved one. Family caregivers 50 and older who leave the workforce to care for a parent lose nearly $304,000, on average, in income and benefits over their lifetime.
Every day, New Jersey residents are making tough decisions to afford care for their older loved ones. At AARP, we hear regularly from family caregivers who make financial sacrifices, like LeNor LeDoux, who lost her home and would sleep in her car to provide care for her mom, and Sarabeth Abrams, who had to retire early to provide 24/7 care for her parents.
More: What happens when an elderly relative can’t live alone? What to know about aging in NJ
Family caregivers make these sacrifices to keep their loved ones at home. Their sacrifices also save New Jersey — and all taxpayers –— money since nursing home care is mostly paid for by the taxpayers, through Medicaid, a public health insurance program. Family caregivers in New Jersey — like LeDoux and Abrams — provide unpaid care valued at $17.6 billion, which is almost equivalent to the state’s entire Medicaid budget of about $20 billion. The economic value of family caregivers is clear, and to support them, the state budget must include financial relief for family caregivers.
Not only do New Jerseyans overwhelmingly prefer to stay in their homes, but home-care costs about half as much as institutional care. In New Jersey, home-care costs about $5,600 per month, while nursing home care costs about $12,000 per month.
Aging in NJ: Most seniors want to live their final years at home. It's often not a simple request
Unpaid family caregivers are often the most critical member of a person’s health care team. We can never repay our family caregivers for all they do, but we can start by recognizing and valuing their essential role by providing a modest tax credit.
If we don’t invest in family caregivers now, who will be there to help our seniors stay at home and in their communities?
Relieving the financial burden faced by family caregivers is an issue that transcends party lines. Among New Jersey voters 50 and older, there is overwhelming support (84%) for the state to expand the current state tax credit for caregivers supporting Wounded Warriors to all family caregivers who provide care for older loved ones.
AARP New Jersey is urging lawmakers to include this modest tax credit for low- and moderate-income unpaid family caregivers in the fiscal year 2024 state budget that must be adopted by June 30. It’s long overdue.
Crystal McDonald is associate director of advocacy for AARP New Jersey.
This article originally appeared on NorthJersey.com: NJ must invest in family caregivers
