Reagan Memorial Bill Includes LTC
Efforts to create an above-the-line deduction for long term care premiums just got a major boost.
An LTC provision is included in bipartisan legislation aimed at creating a “living memorial” honoring former president Ronald Reagan called the Ronald Reagan Alzheimers Breakthrough Act of 2004 (bill number not available at press time).
While most of the legislation focuses on increasing funding for Alzheimers research and establishing a public education campaign, the bill also contains the LTC language long sought by the insurance industry.
An above-the-line deduction for LTC coverage means it is available to all taxpayers, whether or not they itemize.
The primary co-sponsors are Sens. Barbara Mikulski, D-Md., and Christopher Bond, R-Mo.
Jack Dolan, a spokesman for the American Council of Life Insurers, says the bill demonstrates bipartisan support for LTC tax incentives. The effort to establish incentives is truly gaining momentum, he adds.
Reproduced from National Underwriter Edition, June 18, 2004. Copyright 2004 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.