LTC Ta Break Bill Returns To Congress

In addition to creating a new tax deduction for LTC insurance premiums, the new bill would provide a tax credit of at least $1,000 for givers and recipients of long term care. Eventually, the credit would increase to $3,000.

The American Council of Life Insurers, Washington, is “encouraged by efforts to secure this integral component of retirement security for individuals facing the increasing costs of long-term care services,” ACLI President Frank Keating says in a statement about the new bill. “Private long-term care insurance ensures Americans will have access to the assistance they want and need in retirement while protecting their retirement savings.”