Annals of Long-Term Care: Clinical Care and Aging. 2015;23(12):44.
Hillary Clinton, the frontrunner for the Democratic presidential nomination, has unveiled a proposal that would offer tax credits to offset the cost of elderly care. The details of the plan were presented on November 20 at a town hall meeting in Iowa.
The rising number of older Americans has made the cost of care for older adults an important economic issue facing the United States. According to the Bipartisan Policy Center, about 12 million people currently require long-term care, and that number is expected to reach 27 million by 2050. At the same time, spending on long-term care for older adults is expected to grow from 1.3% of GDP to 3%.
The plan includes a tax credit of 20% to offset up to $6000 in home caregiving expenses, for a maximum savings of $1200. It also would expand Social Security benefits to those who take time off to care for a family member. The plan also included an investment of $100 million in a grant program that would give caregivers relief from their duties by covering the cost of temporarily placing an ailing relative in a care facility outside the home. Clinton previously championed this program during her time serving in the US senate.—Kara Rosania