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.