Both houses of Congress have passed a long-term care partnership provision strongly supported by the life insurance industry.[@@]
The provision was included in a budget bill the House passed Tuesday by a 212 to 206 vote and the Senate passed on Wednesday, 51 to 50.
Due to slight differences between the two versions of the budget bill, it must now go to a reconciliation committee representing both houses of Congress. Once the 2 sides agree, the revised bill can then be resubmitted to both houses for a new vote.
The LTC provision of the act would eliminate barriers that prevent states from sponsoring LTC policies. Although 4 states currently offer such partnerships, Federal law as it now stands makes it impossible to launch new ones.