Long-Term Care Insurance Association Applauds Biden Incentive Proposal

ong term care insurance expert

Jesse Slome, Director, AALTCI

The American Association for Long-Term Care Insurance (AALTCI) has announced it applauds and supports the increased tax incentives proposed by Presidential candidate Joe Biden.

“America has no plan to help individuals deal with the very real and very costly need for long-term care services,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.  “Insurance is one part of the solution but only greater tax incentives will make it attractive to larger numbers of individuals.”

The Biden Plan for Older Americans includes several measures to help Americans pay for long-term care.  The plan proposes creating a $5,000 tax credit for informal caregiver.  In addition, Biden will increase the generosity of tax benefits for older Americans who choose to buy long-term care insurance and pay for it using their savings for retirement.

“Tax incentives propelled the growth of retirement savings plans such as 401ks,” Slome notes.  “Greater tax incentives will make long-term care planning something Americans will adopt and thus they won’t become a future burden to taxpayers who fund the Medicaid programs.”

Slome pointed out that currently traditional long-term care insurance policies offer tax incentives to purchasers.  “The life insurance policies that may pay a long-term care benefit generally do not include any tax deductibility,” the long-term care insurance expert adds.  In 2020 a couple both age 70 or older could each deduct as much as $5,430 for the cost of long-term care insurance coverage.”

The American Association for Long-Term Care Insurance advocates for the importance of planning and supports insurance professionals who market long-term care insurance.  To get information or request long-term care insurance quotes from a specialist in your area call the organization at 818-597-3227 or visit their website at https://www.aaltci.org.

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