New York (May 23, 2003) -- Members of the financial planning community are giving thumbs up to proposed legislation that would provide tax breaks and credits for long-term care insurance, making it more affordable for families and caregivers who pay directly for long-term care expenses.
"The Long-Term Care and Retirement Security Act of 2003," introduced by Rep. Nancy Johnson (R-Conn.) and Rep. Earl Pomeroy (D-N.D.) last week, would provide an initial 25 percent above-the-line deduction for a long-term care insurance premium, phased-in to a 100 percent deduction by 2008 and a phased-in annual tax credit of $3,000 for taxpayers who pay LTC expenses and family members who provide care. It would also permit LTC policies to be offered under employer-sponsored cafeteria plans and flexible spending accounts.
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