“Bill would reform tax code to make long-term care insurance more affordable, accessible”

 

“Bill would reform tax code to make long-term care insurance more affordable, accessible,” by Lois A. Bowers, McKnight’s Senior Living


Quote:

“Legislation introduced last week in the House of Representatives would reform the tax code in an effort to make long-term care insurance more affordable and accessible for older adults. It has the backing of Argentum and the American Seniors Housing Association. … The act would permit people to withdraw funds from their 401(k) accounts, 403(b) accounts and individual retirement accounts to pay for long-term care insurance. Up to $2,500 of a withdrawal used to pay for long-term care insurance would be excluded from income tax annually. Additionally, such withdrawals would be excluded from the 10% early withdrawal penalty tax.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

I’d say “it’s about time” if I thought such a sensible proposal had a chance of passing in a political environment dominated by pro-government, anti-market ideologies. Be patient, though, the political tide seems to be changing.