Insurance industry trade groups are backing a new Senate bill that could help workers pay for long term care insurance.
The bill, S. S.2281, the Aging with Respect and Dignity Act, was introduced by Sen. Rick Santorum, R-Pa.
The bill would let employers offer long term care insurance through cafeteria plans, and it would let workers pay LTC insurance premiums with funds contributed to health care flexible spending accounts.
The bill also would let employees use “life care annuities,” or annuities that offer long term care benefits, to create long term care accounts.