FINANCE Act Creates New Grant Program for Caregivers to Get Free Financial Planning and Budgeting Help

The newly proposed Financial Services Improving Noble and Necessary Caregiving Experience Act—or the FINANCE Act—sets up a brand new grant program designed to give family caregivers professional financial planning services. Think of it as free, specialized financial advice for the people juggling jobs, kids, and the heavy responsibility of caring for an aging relative or someone with a brain disorder.

This isn’t just about handing out pamphlets. The bill (SEC. 2) authorizes the Assistant Secretary to award grants to entities like state agencies, nonprofits, and universities to provide comprehensive financial guidance. This guidance must be delivered by properly trained and licensed individuals and must cover things that hit close to home for caregivers: understanding available public benefits, figuring out long-term care costs, budgeting, managing debt, and even getting referrals for legal help with things like wills and powers of attorney.

Who Gets the Financial Coaching?

The bill is very specific about who qualifies for this help. A "family caregiver" is essentially an unpaid adult who provides in-home or community care. Crucially, the definition also includes an "older relative caregiver" (age 55 or older) who is raising a child or caring for a disabled relative. This means if you’re a grandparent raising your grandkids or a middle-aged adult helping your parent navigate their finances, you’re the target audience for these services.

However, there is one important exclusion: the bill explicitly states that this definition does not include anyone whose primary relationship with the care recipient is based on a paid or professional agreement (SEC. 2, Definitions). So, if you’re a professional home health aide or a paid personal care attendant, you won't be eligible for this specific program, even though you are providing essential care.

Making the Advice Accessible

One of the strongest parts of this proposal is the mandate for accessibility. The entities receiving grants must ensure the financial planning services are delivered in a way that actually works for busy, diverse populations (SEC. 2, Use of Grant Funds). This means using accessible language, providing translation or interpretation services for non-English speakers, and ensuring materials are compatible with assistive technology and American Sign Language. For a family caregiver who works two jobs and only speaks Spanish, or an older relative caregiver with vision impairment, this accessibility requirement is huge—it means the help is designed to meet them where they are.

The Real-World Impact on Your Budget

Caregiving is expensive, both in time and money. This bill aims to address the financial stress that often leads to caregivers draining their own retirement savings or taking on massive debt. Imagine a scenario where a 40-year-old accountant is helping her mother transition to assisted living. The grant program would connect her with a financial planner who could walk her through the complex landscape of Medicaid eligibility, long-term care insurance options, and how to structure her own budget to absorb the new costs without going broke. By focusing on budgeting, debt management, and the true cost of long-term care, the FINANCE Act could help thousands of families avoid financial crises down the road.