Insurers Lukewarm Over LTC Bill Passed By The House
A modest long-term care bill recently approved by the House is drawing limited praise from insurers, who insist more is needed.
The legislation, H.R. 4946, provides an above-the-line deduction for a portion of long-term care insurance premiums, but only for low and moderate income individuals and couples.
An above-the-line deduction is one available regardless of whether or not a taxpayer itemizes.
Because of the income and other restrictions, supporters of an above-the-line LTC deduction say they are “encouraged,” but will work towards expansion.
“Because this bill only provides limited tax incentives, it is only a first step in creating an effective tax policy to expand long-term care insurance coverage,” says Donald Young, president of the Health Insurance Association of America.
“We hope Congress can do more to help make this benefit more fully and broadly available to Americans,” he says.