Proposal Would Extend Tax Incentives For Long-Term Care

Press Release

Congressmen Adam Putnam and Joe Courtney today announced they have introduced legislation that would establish tax incentives for long-term care expenses and consumer protections for people who purchase long-term care insurance policies. The bipartisan measure has already won the endorsement of the American Council of Life Insurers.

"The cost of long-term care can easily exceed $50,000 a year and put an incredible strain on families," said Putnam. "As people live longer they need to make financial plans for this time of life, and families should get a break on some of the expenses they incur when caring for loved ones."

"Exorbitant long-term health care costs are straining family budgets and hindering care for loved ones during the latter stages of life," stated Courtney. "Our legislation will allow families to plan for future health care needs and will deliver peace of mind so that rising costs do not become a burden on their estates, their children, or on our national health care system. Offering tax incentives to meet these needs is simple and cost-effective. I thank Representative Adam Putnam for joining me in this effort."

The legislation would provide tax incentives for long-term care insurance policies, a tax credit to help eligible care providers offset some of the costs of caring for a loved one, and consumer protection measures.

Since 2001, Putnam has represented Florida's 12th Congressional District, which includes most of Polk County and portions of Hillsborough and Osceola counties. Putnam introduced H.R. 5559, an earlier version of this legislation in 2008.

Courtney serves the Second Congressional District of Connecticut on the House Armed Services Committee and Education and Labor Committee. In 2008, Representative Courtney introduced H.R. 6237, the Tax Relief for Long-Term Care Act, which offered a caregiver tax credit that has been adopted by this legislation.

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