This month, Republicans and Democrats have joined in the U.S. Senate to sponsor a bill that would provide an above-the-line deduction for long term care insurance bought through cafeteria plans. The bill would let workers buy long term care insurance with pre-tax dollars through employer-sponsored cafeteria plans and flexible spending accounts.
Current law permits individuals to deduct LTC insurance premiums only if they itemize and only if health care expenses exceed 7.5% of their adjusted gross income. “Millions of Americans have used cafeteria plans and FSAs to help protect their families and provide important financial protection,” ACLI President Frank Keating says in a statement. “Including long term care insurance will add an important piece to Americans’ financial security puzzle.”
Watch for future updates. For more information regarding Long Term Care Insurance or to receive a quote; visit QuoteBroker.com
Current law permits individuals to deduct LTC insurance premiums only if they itemize and only if health care expenses exceed 7.5% of their adjusted gross income. “Millions of Americans have used cafeteria plans and FSAs to help protect their families and provide important financial protection,” ACLI President Frank Keating says in a statement. “Including long term care insurance will add an important piece to Americans’ financial security puzzle.”
Watch for future updates. For more information regarding Long Term Care Insurance or to receive a quote; visit QuoteBroker.com
