Legis Daily

Long-Term Care Affordability Act

USA116th CongressS-4820| Senate 
| Updated: 10/20/2020
Patrick Toomey

Patrick Toomey

Republican Senator

Pennsylvania

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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
Oct 20, 2020
Introduced in Senate
Oct 20, 2020
Read twice and referred to the Committee on Finance.
  • October 20, 2020
    Introduced in Senate


  • October 20, 2020
    Read twice and referred to the Committee on Finance.

Taxation

Long-Term Care Affordability Act

USA116th CongressS-4820| Senate 
| Updated: 10/20/2020
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Oct 20, 2020
Introduced in Senate
Oct 20, 2020
Read twice and referred to the Committee on Finance.
  • October 20, 2020
    Introduced in Senate


  • October 20, 2020
    Read twice and referred to the Committee on Finance.
Patrick Toomey

Patrick Toomey

Republican Senator

Pennsylvania

Finance Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted