Washington fighting for our nation’s caregivers

America’s population of older adults is growing at record levels. By 2030, it is projected that there will be more than 74 million people aged 65 or older living in the United States. At least 70 percent of people over 65 will need long term care services and support at some point in their lives. Unfortunately, many people lack a plan to address these long term care needs.

This was a common theme heard throughout the summer during the White House Conference on Aging’s regional and national forums. Throughout the meetings, experts and individuals raised a common concern about the financial, emotional and physical toll that caregiving can take on older Americans, their families and their caregivers.

{mosads}Families in our nation spend approximately $522 billion a year on informal caregiving needs alone, with caregivers providing on average approximately 20 hours of care per week to older family members. And, although caregivers often report experiencing pride and appreciation for their efforts, they also are likely to experience physical, mental and emotional strain, as well as lost wages, less vacation time and missed career opportunities or promotions. What’s more, for those who are relying on paid caregiving, the cost of care is rising. According to the 2015 Genworth Cost of Care Survey, the national average for an in-home health aide is $125 per day or $45,760 per year.

But fortunately, there is a renewed interest in Washington on this important social issue. Indeed, in addition to this summer’s White House forum, Congress has taken action in recent months to address the needs of caregivers. March brought the launch of the Assisting Caregivers Today (ACT) Caucus, a bicameral and bipartisan assembly meant to focus on providing solutions to the challenges that older Americans and family caregivers face today. The caucus is working to educate Congressional members and create momentum for legislation to inform family caregivers and older adults about long term care planning and resources. In announcing the creation of the Caucus, Rep. Michelle Lujan Grisham (D-N.M.) said, “I ran for Congress because I wanted to be in a position with my colleagues to not just raise national awareness…but to help family caregivers.”

Additionally, in July, Sens. Susan Collins (R-Maine) and Tammy Baldwin (D-Wis.) introduced the Recognize, Assist, Include, Support, and Engage (RAISE) Family Caregivers Act, comprehensive legislation that would create a National Caregiving Project to develop a cohesive strategy on how the government can better support family caregivers. This and legislation such as the National Care Corps Act, introduced by Lujan Grisham in 2014, will help to further ignite talks on the need for caregiving policies in America.

On the heels of these renewed efforts, Genworth is bringing together leading experts from some of the nation’s foremost care advocacy organizations, along with lawmakers, to discuss the caregiving challenges facing America today. The discussion, taking place in Washington this week, will provoke a conversation on what individual Americans can do to prepare for their future caregiving needs, but also how lawmakers can help develop solutions to help Americans with their preparations.

Positive change for those affected by caregiving struggles will only be possible if the quest combines the efforts of Congress, thought leaders, experts and those affected. Every American deserves to have reliable, cost effective care as they age, and it’s our job to figure out how to make it more accessible – but we must work together to make it happen.

McInerney is president and CEO of Genworth Financial.