Being a caregiver can be expensive
Leaving the workforce to be a caregiver costs more than just your salary
- Potential raises and promotions
- Your own retirement savings
- Your employer's contributions to any retirement and/or health savings accounts (HSAs)
- Saving for other goals
- Health care coverage
- Social Security credits
Don't forget about your own health and financial security when becoming a caregiver
Caregiving laws and tax rules designed to help
- Family and Medical Leave Act (FMLA): You may be able to take up to 12 weeks of unpaid leave a year to care for a parent, spouse, or child.
- State-based versions of FMLA: Many states have their own family and medical leave laws. See if yours is among them.
- Paid caregiving leave: See what states offer paid caregiving leave.
- Tax deductions and credits: From deducting medical expenses to claiming your loved one as a dependent, learn how the tax code can help.