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Senator Pat Toomey (R-PA) Re-Introduces Measure to Make Long-Term Care Insurance More Affordable so more people will buy LTC and h
U.S. Senator Pat Toomey / / Read Article
U.S. Senator Pat Toomey (R-Pa.) is re-introducing a bill to increase the affordability of long-term care insurance. Senator Toomey’s Long-Term Care Affordability Act would allow individuals to pay up to $2,500 each year for long-term care insurance with their 401(k), 403(b), and IRAs without a tax penalty.
“The onset of a chronic illness requiring nursing home or in-home care too often has the potential to financially devastate older Americans,” said Senator Toomey. “This legislation allows Americans to use existing retirement accounts to pay for long-term insurance – a commonsense change to enhance financial security in retirement. I hope my colleagues will join me in supporting this measure.”
Organizations that have endorsed this legislation include:
· Alzheimer’s Association
· Alzheimer’s Impact Movement
· America’s Health Insurance Plans (AHIP)
· American Seniors Housing Association
· Argentum
· Edward Jones
· Long-term Care Insurance Partners
· National Association of Health Underwriters (NAHU)
· National Association of Insurance and Financial Advisors (NAIFA)
· National Association of Insurance Commissioners
Does Medicare Cover long-term care?
Medicare does not typically cover long term care so individuals will need to pay cash or use savings or potentially in the fure if the seanotor has his way be able to use $2,500 each year for long-term care insurance with their 401(k), 403(b), and IRAs without a tax penalty, is only the start to cover LONG TERM CARE FUNDING!
How much can you use from your $2,500 each year for long-term care insurance with their 401(k), 403(b), and IRAs without a tax penalty?
$2,500 each year for long-term care insurance with their 401(k), 403(b), and IRAs without a tax penalty.
How to pick the right LTC plan?
You can use a broker or online resources to help figure out what is right for you.
What are the benefits of long term care insurance?
The onset of a chronic illness requiring nursing home or in-home care too often has the potential to financially devastate older Americans,” said Senator Toomey. “This legislation allows Americans to use existing retirement accounts to pay for long-term insurance – a commonsense change to enhance financial security in retirement. I hope my colleagues will join me in supporting this measure.”
