Senators have introduced a bill that would let consumers deduct the cost of long term care insurance premiums from their taxable income.[@@]

The same bill was introduced in 2004 as the Ronald Reagan Alzheimer’s Breakthrough Act, after former President Ronald Reagan died from Alzheimer’s disease.

The bill linked the LTC premium deduction provision with calls for a boost in funding Alzheimer’s research.

The bill failed despite receiving strong bipartisan support.

The bill was re-introduced Thursday by Sens. Christopher Bond, R-Missouri, and Barbara Mikulski, D-Md, with a strong endorsement from the American Council of Life Insurers, Washington.

The “legislation does many good things to address serious problems of older Americans and those suffering from Alzheimer’s disease in particular,” ACLI President Frank Keating says in a statement about the bill.

“By including deductions for long-term care insurance premiums, the bill’s sponsors are recognizing the need for Congress to address our looming long-term care funding crisis,” Keating says.