Financial Services Improving Noble and Necessary Caregiving Experience Act; FINANCE Act
Summary
The FINANCE Act aims to amend the Older Americans Act of 1965 by introducing financial planning services for family caregivers. It defines 'family caregiver' and 'older relative caregiver,' specifying eligibility criteria. The bill authorizes the Assistant Secretary to award grants to eligible entities like state/local governments, nonprofits, and tribal organizations to provide these services.
Expected Effects
The act would provide financial planning services to family caregivers through grants to eligible entities. This would include guidance on public benefits, care options, budgeting, debt management, and long-term care costs. The services must be accessible, including translation and assistive technology.
Potential Benefits
- Provides financial planning services to family caregivers, addressing a critical need.
- Offers guidance on navigating complex systems like public benefits and long-term care.
- Supports caregivers in managing their finances, including budgeting and debt.
- Ensures services are accessible through various formats and languages.
- Strengthens the support network for older Americans and those with disabilities.
Potential Disadvantages
- Potential administrative overhead in managing and distributing grants.
- Limited scope, focusing solely on financial planning and not addressing other caregiver needs.
- Dependence on the effectiveness of the training and licensing of service providers.
- May not reach all eligible caregivers due to awareness or accessibility barriers.
- Possible strain on existing resources within the Older Americans Act framework.
Constitutional Alignment
The bill appears to align with the Constitution's general welfare clause (Preamble). It promotes the well-being of older Americans and individuals with disabilities by supporting their caregivers. The allocation of grants falls under Congress's power to appropriate funds for specific purposes (Article I, Section 8).
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).