Bill Revives Quest for Above-the-Line LTC Tax Break
National Underwriter (Life and Health Financial Services Edition) (05/14/03) ; Bell, Allison

A new bill pending in the House would create an "above-the-line" income tax deduction for individual long-term care insurance premiums, starting with a 25 percent deduction and phasing in a 100 percent deduction by 2008, and has won approval from insurance and health care trade groups as well as those representing older citizens. The bill would also allow workers to use employer-sponsored cafeteria plans to pay for long-term care insurance, and would phase in a $3,000 tax credit for people providing informal care for others. ACLI President Frank Keating says that the project should include ways to help people pay for long-term care services directly and ways to help them buy quality insurance products.


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