The federal Commission on Long-Term Care (LTC) has given a little more information about its recommendation that Congress consider letting families use 529 college savings plans to pay long-term care expenses.
The commission discusses the recommendation in the full pre-publication version of a report it will be sending Congress.
Congress created the bipartisan commission earlier this year, to mollify critics when it killed off a voluntary LTC benefits program that was part of the Patient Protection and Affordable Care Act (PPACA).
The commission is supposed to disband after it sends its recommendations to Congress. It can try to shape LTC discussions in Congress, but it has no legal authority to introduce bills or to shape bills or regulations.
The commission notes in the full version of the report that it considered proposals for strengthening both private long-term care insurance (LTCI) programs and the LTC benefits at public health programs, such as Medicaid and Medicare.
The 529 plan proposal is the only official recommendation that involves use of commercial financial services products.