“Bill would let people tap retirement accounts for long-term care insurance,” by Lois A. Bowers, McKnight’s Senior Living
“Individuals would be allowed to withdraw up to $2,000 per year, tax-free, from their retirement accounts to pay for long-term care insurance to fund long-term services and supports under a bill proposed by Sen. Patrick Toomey (R-PA).”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Senator Toomey’s staff reached out to me for comments on the bill. I said I support it as it will increase affordability for LTCI and expand the buyer base. But I added it does not address the main reason people don’t buy LTCI and sent them our new monograph to explain. See LTC Bullet: The Battle Lines Are Drawn, October 25, 2019 for more.