Legis Daily

Long-Term Care Affordability Act

USA117th CongressS-2415| Senate 
| Updated: 7/21/2021
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.
View Full Text

Suggested Questions

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

Timeline

Bill from Previous Congress

S 116-4820
Long-Term Care Affordability Act
Jul 21, 2021
Introduced in Senate
Jul 21, 2021
Read twice and referred to the Committee on Finance.
Mar 16, 2022

Latest Companion Bill Action

HR 117-7107
Introduced in House
  • Bill from Previous Congress

    S 116-4820
    Long-Term Care Affordability Act


  • July 21, 2021
    Introduced in Senate


  • July 21, 2021
    Read twice and referred to the Committee on Finance.


  • March 16, 2022

    Latest Companion Bill Action

    HR 117-7107
    Introduced in House

Taxation

Related Bills

  • HR 117-7107: Long-Term Care Affordability Act

Long-Term Care Affordability Act

USA117th CongressS-2415| Senate 
| Updated: 7/21/2021
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

Bill from Previous Congress

S 116-4820
Long-Term Care Affordability Act
Jul 21, 2021
Introduced in Senate
Jul 21, 2021
Read twice and referred to the Committee on Finance.
Mar 16, 2022

Latest Companion Bill Action

HR 117-7107
Introduced in House
  • Bill from Previous Congress

    S 116-4820
    Long-Term Care Affordability Act


  • July 21, 2021
    Introduced in Senate


  • July 21, 2021
    Read twice and referred to the Committee on Finance.


  • March 16, 2022

    Latest Companion Bill Action

    HR 117-7107
    Introduced in House
Patrick Toomey

Patrick Toomey

Republican Senator

Pennsylvania

Finance Committee

Taxation

Related Bills

  • HR 117-7107: Long-Term Care Affordability Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted