S 4820
Long-Term Care Affordability Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Long-Term Care Affordability Act allows individuals to use distributions from certain retirement plans to pay for long-term care insurance without incurring income tax. Specifically, it permits up to $2,500 per individual per year in distributions to cover qualified long-term care insurance premiums, with adjustments for inflation. The bill also requires issuers of long-term care insurance contracts to report information to the IRS and provide fact sheets to insured individuals and employers, promoting greater transparency and access to these plans.
Sponsors
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Primary sponsor
Patrick Toomey
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