NU Online News Service, June 19, 11:51 a.m. – The U.S. House Ways and Means Committee voted 29-6 early Wednesday to pass H.R. 4946, the Improving Access to Long-Term Care Act of 2002.
The bill, which was introduced by Rep. J.D. Hayworth, Mesa, Ariz., would provide a tax deduction for individuals who buy long-term care insurance. The deduction would increase to a maximum of 50% of the premiums in 2012, from a maximum of 25% of the premiums in 2003.
The bill would also create a tax credit for taxpayers who provide long-term care for dependents in their own homes.
Current federal law provides LTC insurance tax breaks only for employers that sponsor LTC plans and individuals who spend a total of at least 7% of their taxable income on health care costs.
More information about the bill is available at http://thomas.loc.gov/cgi-bin/bdquery/z?d107:h.r.04946: