Family Caregivers of Veterans Spend 1.5 Times More on Out-of-Pocket Costs Compared to Other Family Caregivers in Oklahoma

Oklahomans who provide care for veterans spend on average $11,500 of their personal income on out-of-pocket costs related to caregiving each year—1.5 times higher than what other family caregivers spend ($7,242), according to AARP data. And 43 percent of veteran and military caregivers experienced at least one financial setback, such as having to take on more debt or dip into personal savings, according to research from AARP and the National Alliance for Caregiving.

"Oklahomans caring for our veterans should not have to worry about finances on top of their caregiving responsibilities, yet many do," said AARP Oklahoma State Director Sean Voskuhl. "AARP Oklahoma's free resources, such as the AARP Oklahoma Caregiver Kit, can help these hidden heroes build a more secure financial future."

Across the country, more than 6.5 million veteran and military caregivers provide $14 billion in unpaid labor for America's wounded warriors every year—putting their own financial well-being aside—and at risk.

AARP Oklahoma successfully advocated for a tax credit to support family caregivers during the 2023 legislative session. Thanks to the leadership of Rep. Tammy West and Sen. Roger Thompson, the Caring for Caregivers tax credit will become available during the 2024 tax year. The tax credit must be directly related to assisting the family caregiver in providing care to an eligible family member. Individuals caring for veterans or those with a dementia-related diagnosis will receive up to $3,000. The tax credit is capped at $2,000 per year for family caregivers who are not caring for veterans or those with dementia. To learn more about the Caring for Caregivers tax credit, click HERE.

"The financial challenges veteran and military caregivers face are too often invisible or ignored," said Pete Jeffries, National Director of AARP's Veterans & Military Families Initiative. "Caregiving responsibilities and expenses add up over time. From cleaning clothes at the laundromat or gassing up the car for a medical appointment, these caregivers need support to make it easier for loved ones to live independently in their homes for as long as they can."

The U.S. Department of Veterans Affairs (VA) offers support and resources for caregivers of veterans enrolled in VA health care through the VA Caregiver Support Program. This program provides caregivers with access to VA health care benefits, caregiver education, financial aid, mental health services and up to 30 days of respite care. But of the 281,650 veterans living in Oklahoma, only 39 percent have utilized their earned benefits at VA health care, according to the U.S. Census Bureau.

AARP and the Elizabeth Dole Foundation will host a webcast on the financial impact of veteran and military caregiving at 7 p.m. EST on Wednesday, November 15. AARP Caregiving Expert Amy Goyer and the Dole Foundation's Financial Wellness Program Manager Shawn Moore will share experiences and insight from their personal caregiving journeys and provide expert advice on how to build a secure financial future.

AARP offers free resources for veteran and military caregivers, including:

• AARP Financial Workbook for Veteran and Military Family Caregivers
• Military Caregiving Guide for Veterans, Service Members and Their Families
• Mental & Emotional Health Support Guide from AARP and the Elizabeth Dole Foundation

For more information on AARP's support for veterans and military families, visit aarp.org/veterans.