Bipartisan Bill Would Make It Easier And More Affordable For Adult Children To Support Aging Parents’ Medical Expenses
WASHINGTON, DC – Today, U.S. Senators Jacky Rosen (D-NV) and Bill Cassidy (R-LA) introduced the Lowering Costs For Caregivers Act to lower costs for caregivers and help families afford medical expenses. This bipartisan legislation allows people to use their tax-free health savings accounts and flexible spending accounts on medical expenses for their parents. Currently, adult children may not take advantage of these tax-free accounts to cover expenses they incur on behalf of their aging parents, unless their parents are classified as dependents for tax purposes.
“Caregivers are the backbone of many Nevada families, often taking on additional costs when providing care for a family member. At a time of high inflation and rising costs, I’m continuing to take action to lower costs for hardworking Nevada families,” said Senator Rosen. “I’ve introduced bipartisan legislation to lower costs for caregivers by allowing them to use tax-free accounts to cover medical expenses they incur for their aging parents. This commonsense step will make caring for family members more affordable.”
““There are an estimated 38 million family caregivers in the United States. Let’s support caregivers as they support their loved ones,” said Dr. Cassidy. “This bill lifts limitations and eases a financial challenge many families face.”
“Being a care partner can be stressful – physically, psychologically, and economically,” said Dr. Peter Reed, PhD, Sanford Center for Aging at the University of Nevada, Reno School of Medicine. “Necessary expenses can place a tremendous burden on a family, and this legislation will help to ease that stress, allowing care partners to focus on other important aspects of caring for their loved ones.”
Senator Rosen has been a leader in fighting to lower costs of care for hardworking Nevadans. She helped secure several wins in the Inflation Reduction Act to put dollars back in the pockets of hardworking Nevadans, including provisions to lower health care premiums and lower prescription drug costs by allowing Medicare to negotiate prescription drug prices for seniors. Last Congress, Senator Rosen introduced the bipartisan Advancing Affordable Medicines for Families Act to examine the impact that nonprofit generic drug companies would have on lowering drug costs, addressing drug shortages, and accelerating the development of new drugs. This legislation became law in 2022.
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