S. 4820 · 116th Congress
Long-Term Care Affordability Act
- Stage
- In committee
- Sponsor
- Pat Toomey
- Introduced
- 2020-10-20
- Latest action
- 2020-10-20 · Introduced in Senate
Summary
Long-Term Care Affordability Act
This bill allows the use of tax-exempt retirement plan distributions to pay for long-term health care insurance. Specifically, it excludes such distributions from the gross income of an insured individual up to $2,500 for per individual in a taxable year.
It also imposes reporting requirements on plans and insured individuals and requires a description of long-term care insurance arrangements and facts sheets for employers and workers.