What You Need to Know
- Suozzi, a Democrat from New York, has a personal interest in improving LTCI.
- He'd pay for the LTCI program with new payroll taxes.
- He envisions the program paying $3,600 in benefits per month.
A member of the U.S. House Ways and Means Committee said Wednesday that he wants to help set up a federal catastrophic long-term care insurance (LTCI) program.
Rep. Tom Suozzi, D-N.Y., talked about the catastrophic proposal Wednesday, during a session at the Insured Retirement Institute’s 20 in 21 conference.
IRI is presenting the conference in the form of 20 sessions that will take place between now and May 5. Suozzi appeared in a session on how Congress can strengthen retirement security.
The other lawmaker who appeared during that session, Rep. Kevin Brady, R-Texas, told the moderator, Srinivas Reddy of Principal Financial Group, that he’s optimistic about Congress’s ability to pass retirement legislation.
“There are far more bipartisan issues in Congress than the media would ever allow you to see,” Brady said.
Republicans and Democrats have worked especially well together on retirement issues, Brady said.
Suozzi, who appeared alongside Paul Richman, IRI’s chief government and political affairs officer, talked about a variety of ideas for encouraging Americans to save and employers to offer more retirement plans.