WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Jacky Rosen (D-NV) today introduced the Lowering Costs For Caregivers Act to make it more affordable for adult children to support aging parents medical expenses by lowering costs for caregivers. The bill 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.
“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.”
“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.”
Earlier this year, Cassidy introduced a bill to lower prescription drug costs for seniors. The Program of All-Inclusive Care for the Elderly (PACE) Part D Choice Act would offer older Americans significant cost savings by giving them greater choice between plans.