Republicans and Democrats have joined in the U.S. Senate to sponsor a bill that would provide an above-the-line deduction for long term care insurance bought through cafeteria plans.
The bill, S. 2337, was introduced Tuesday by Sens. Chuck Grassley, R-Iowa; Blanche Lincoln, D-Ark.; Olympia Snowe, R-Maine; Debbie Stabenow, D-Mich.; and Gordon Smith, R-Ore.
S. 2337 is a companion to H.R. 3363, which was introduced in the House in August by Reps. Earl Pomeroy, D-N.D.; Jim Ramstad, R-Minn.; Allyson Schwartz, D-Pa.; and Kenny Hulshof, R-Mo.
The bill would let workers buy long term care insurance with pre-tax dollars through employer-sponsored cafeteria plans and flexible spending accounts.