NU Online News Service, May 14, 2:25 p.m. ? Washington
A new coalition of insurance companies, agents and seniors groups has launched a campaign urging Congress to provide an above-the-line deduction for long-term care insurance this year.
“The purpose of our campaign is simple,” says Donald Young, president of the Health Insurance Association of America, Washington. “We are urging Congress to pass tax relief for long-term care. Not after the next election. Not in the next session of Congress. But now. This year.
“Given the threat that long-term care costs pose to state and federal budget, the country cannot afford to wait.”
HIAA was among more than 40 organizations signing a letter to congressional leaders asking for enactment of legislation to provide an above-the-line deduction for the purchase of long-term care insurance.
An above-the-line deduction is one that is available to all taxpayers, whether or not they itemize.
The legislation has been introduced as H.R. 831 in the House and S. 627 in the Senate.
In addition to HIAA, insurance groups joining the coalition include the American Council of Life Insurers, the Council for Affordable Health Insurance, the National Association of Health Underwriters, and the National Association of Insurance and Financial Advisors.
Other members of the coalition include the American Association of Retired Persons, the United Seniors Association, the National Council on the Aging and the 60 Plus Association.