Sen. George Allen, R-Va., introduced a bill in the Senate Thursday that would allow individuals to use their 401(k) and 403(b) plans to buy long term care insurance.[@@]
“Currently, thousands of Virginians and millions of Americans are saving in their retirement plans to have a comfortable life once they become seniors, be it 401(k) and 403(b) accounts,” Allen said while introducing the bill.
Allen noted that more than 53 million Americans have 401(k) and 403(b) accounts with a total of $2.4 trillion in assets.
“These are untapped funds that individuals should be allowed to use to help pay for their future health care needs,” Allen said.