A New York Congressman, Rep. Tom Suozzi (D-NY), is planning a long-term care conference for this spring. He wants wide participation to create and enact legislation to address the long-term care needs of the U.S. population.
Rep. Suozzi envisions legislation that would create a federal backstop for financing long-term care needs (i.e., the federal government would step in to cover “catastrophic” costs—costs that exceed a predetermined level). He also wants ideas on how to make private long-term care insurance more affordable. His goal is to create a system that prevents seniors from being bankrupted by the costs of long-term care as they age.
Rep. Suozzi’s previous legislation, the WISH Act, would have created a public-private partnership, with the federal government responsible for “catastrophic” long term care costs, and the private sector—particularly through LTC insurance—carrying the burden of initial costs.
Prospects: Rep. Suozzi has not yet finalized a date, or even a format, for his planned conference. But he is already working to gather support for his plan, and to solicit ideas to include in a piece of workable legislation.
NAIFA Staff Contact: Jayne Fitzgerald – Director – Government Relations, at jfitzgerald@naifa.org.