Family caregivers save our state billions. But, too often, they pay a price.

Family caregiver Kathy Brown spoke to us at a caregiving conference last year. She said finding and being able to afford in-home services or daycare for her husband is her biggest problem.

“Finding good care is practically impossible, and finding affordable care? That doesn’t exist … Because it is so expensive, it is difficult to find and even if you are in a good financial position, you find your nest egg is gone,” she said.

Sadly, Kathy isn’t alone. Family caregivers in Hawaii work tirelessly without pay to keep their parents and spouses at home, or out of costly nursing homes.

If you’re a family caregiver or know someone who is, then you know it takes an emotional toll, but it also has a real financial cost. They sacrifice income, job security and their savings.

More than three out of every four family caregivers pay out of pocket for care-related expenses like equipment, transportation and home modifications. It adds up fast. On average, family caregivers spend 26% of their income on caregiving activities.

Plus, many family caregivers must cut back their work hours or even leave the workforce to care for loved ones, which can create a huge loss in income on top of any existing financial challenges related to caregiving expenses. It also puts their career advancement and retirement savings at risk.

While family caregivers are facing these personal financial burdens, they’re saving our state money by keeping their loved ones out of taxpayer-supported nursing facilities. The economic value of unpaid care provided by family caregivers in the U.S. every year is approximately $600 billion — about the same as the profits of our 20 largest companies combined. AARP’s just released “Valuing the Invaluable” report estimates about 154,000 caregivers in Hawaii put in 144 million hours of caregiving annually, worth $2.6 billion if they were paid.

It’s time we give caregivers some financial relief. Legislators are currently considering Gov. Josh Green’s affordability plan, which includes tax credits to enable family caregivers with adult dependents to deduct certain respite care expenses.

House Bill 1049 aims to expand the existing Child and Dependent Care Tax Credit from $2,400 to $10,000 for eligible taxpayers with one qualifying dependent, or from $4,800 to $20,000 for taxpayers with two or more qualifying dependents, The credit, meant to alleviate the cost of services that help people stay employed, covers expenses for household services or the care of adult or child dependents who meet eligibility criteria.

While many family caregivers provide care to loved ones who are not dependents, HB 1049 would help alleviate financial challenges for caregivers who do qualify. This credit is especially useful for so-called sandwich generation caregivers who take care of both a child and a parent and are trying to balance caregiving tasks with work and other responsibilities.

AARP is also urging the state Legislature to pass HB 1486 to restore funds for the Kupuna Care program. Kupuna Care is a long-standing program that provides an array of home and community-based services such as home/chore services, adult daycare and offers respite to working caregivers so that they can continue to support their loved ones as they age safely in their homes.

We can never repay our family caregivers for all they do, but we can start by giving family caregivers a tax credit and continuing to fund the Kupuna Care program to help working caregivers access respite care. They’ve earned it.

Keali‘i Lopez is AARP Hawaii state director.