Long-Term Care Affordability Act

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.

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Timeline

1. 20 October 2020

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 20 October 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 20 October 2020 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 20 October 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 20 October 2020

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 20 October 2020

  Open at official source

Sponsors

• Sen. Toomey, Patrick [R-PA] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → Long-Term Care Affordability Act