New bill offers tax incentives for LTC insurance
Providers praised a new bill in the House and Senate that would amend the Internal Revenue Act of 1986 to provide individuals with a deduction for qualified long-term care insurance premiums.
The tax incentives offered in the legislation would make long-term care insurance more attractive and affordable, and empower individuals to choose whether their care needs can best be met at home, in a community-based setting, assisted living setting or in a nursing facility, said Hal Daub, president and CEO of the American Health Care Association and the National Center for Assisted Living.
Reps. Nancy Johnson (R-CT) and Earl Pomeroy (D-ND) introduced the bill in the House, while Sens. Charles Grassley (R-IA) and Blanche Lincoln (D-AR) brought it to the Senate.