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.
“As parents age, their children often step up as caregivers and take on extra costs and responsibilities. Nevada families continue to be squeezed by rising prices, and we must do everything we can to make it easier to take care of loved ones,” said Senator Rosen. “I’m proud to introduce this bipartisan bill to lower costs for caregivers by allowing them to use tax-free accounts to cover the medical expenses of their aging parents.”
“Over 11 million Americans are unpaid caregivers for their loved ones,” said Dr. Cassidy. “Let’s give back by making life a little more affordable for them.”
This legislation is supported by the AARP.
Senator Rosen is working to lower costs for hardworking Nevada families. Earlier this year, her bipartisan bill to help lower child care costs by increasing the availability of affordable, high-quality child care for Nevada families advanced out of committee. Rosen has also introduced the Physicians for Underserved Areas Act and the Train More Nurses Act to address the shortages of medical professionals in Nevada that are reducing access to care and driving up costs.
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