The American Council of Life Insurers (ACLI) applauds the Senators (bi-partisan, I may say) for introducing legislation that will help Americans prepare for their long-term care needs.
The "Long-Term Care Affordability and Security Act" (S.702) would permit long-term care insurance to be included in employer-sponsored cafeteria plans and flexible spending accounts (FSA), enabling people to pay long-term care insurance premiums using pre-tax dollars. Current law excludes long-term care insurance from being included in cafeteria and FSA plans.
Many retirees would have to deplete their hard-earned savings to pay for these services. Long-term care insurance can help cover the costs of long-term care services and protect Americans’ savings.” says CEO Frank Keating of The American Council of Life Insurers (ACLI). He is urging Congress to pass this important legislation.
The government sees a problem of where the money will come from to pay for the 77 million baby-boomers. Long-term care planning needs to be addressed at a time that one is healthy enough to qualify for coverage.
If you are in your 50's, 60's or older, this legislation may be too late to help you, but your children and grandchildren may benefit.
It is important to remember that:
- Your Good Health may qualify you for a good health discount
- The Younger you are the lower the premium
- Long-Term Care insurance must be comfortably affordable
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