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Background
On Wednesday, June 11, the National Association of Health Underwriters, along with a coalition of more than 40 organizations, will join Representatives Nancy Johnson (R-CT) and Earl Pomeroy (D-ND) in the Capitol to garner support for H.R. 2096, The Long-Term Care Retirement Security Act of 2003. H.R. 2096 provides an above-the-line federal income tax deduction for the premiums individuals pay for long-term care insurance. In addition, this legislation would allow long-term care insurance to be offered through a Section 125 cafeteria plan. The bill would also provide a $3,000 tax credit to individuals with long-term care needs or to their caregivers. With one in every six Americans expected to be 65 years of age of older by 2020, and over 12 million Americans expected to be 85 or older by 2040, Congress must make passage of long-term care legislation that strengthens tax incentives for long-term care needs a high priority. It is critical that you contact your representative today and tell him or her to sign on as a co-sponsor of H.R. 2096.
Action Requested:
You can reach your Congressional Member at their office by calling the U.S. Capitol Switchboard at (202) 224-3121.
H.R. 2096:
§ Would make long-term insurance more affordable for all Americans.
§ Creates an above-the-line deduction so individuals can take advantage of the tax break even if they dont itemize their deductions.
§ Allows long-term care policies to be included in Section 125 cafeteria plans.
§ Gives a $3,000 tax credit to individuals with long-term care needs or their caregivers.
§ Simplifies the phase-in and contains a portability feature
§ Would greatly improve affordability and accessibility of both long-term care and long-term care insurance
§ Would make responsible planning for this eventual need within the means of more Americans.
§ Would help the millions of American who are burdened with the huge and often devastating cost of caring for the elderly and disabled.
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