NU Online News Service, Sept. 27, 2004, 5:12 p.m. EDT
Rep. Stephanie Herseth, D.-S.D., has introduced a bill that would create new tax breaks for purchasers of long term care insurance.[@@]
The bill, H.R. 5110, would provide a tax deduction for LTC insurance premiums along with a tax credit for taxpayers who need long term care and their caregivers. The credit would start at $1,000 in 2005 and increased to $3,000 after 2008.
The bill also would let employers include LTC insurance in cafeteria plans and flexible spending accounts.