Inflation-adjusted tax deductions for premiums for qualified long-term care insurance have been announced. The deductions vary by age but generally the inflation adjustments increase the deduction by about 3 percent.

For premiums paid for long-term care insurance to be deductible, the insurance has to meet statutory qualification requirements, including consumer protections. Those requirements did not change. The premiums must also exceed 7.5 percent of the taxpayer’s adjusted gross income.

The National Conference of Insurance Legislators (NCOIL), at their July 17-18 summer meeting, held a general session on “trends and innovations” in the long-term care insurance marketplace. The session emphasized the urgency for planning ahead for long-term care needs, and highlighted the need for both public and private solutions to the problem of financing the care of aging individuals who need help to remain in their own homes.

Genworth Financial hosted a long-term care (LTC) symposium in Washington, DC on May 7. The symposium focused specifically on the issues surrounding financing long-term care. Also discussed were education, access, caregiver support and other issues.

The symposium on May 7 followed an April 7 conference, also in Washington, hosted by Rep. Tom Suozzi (D-NY). Rep. Suozzi is the principal author of a bipartisan long-term care bill, the WISH Act, H.R.2082, a bill that would create a public-private partnership to make long-term care more accessible and affordable. Rep. Suozzi spoke at the Genworth symposium, emphasizing the need to address the growing problem of affordable long-term care for what is projected to be some 70 million aging baby boomers.

On March 12, Rep. Tom Suozzi (D-NY), a member of the tax-writing House Ways & Means Committee, introduced a bipartisan bill, the WISH Act, that would create a public-private partnership to address the affordability of long-term care. The bill was cosponsored by Rep. John Moolenaar (R-MI).

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.

NAIFA’s Policy Director Roger Moore attended NAIC’s Spring National Meeting on March 15-18, where he had the opportunity to strengthen NAIFA’s relationships with state regulators and industry trade partners, as well as advocate for key priorities affecting NAIFA’s members.

Rep. Adrian Smith (R-NE) has introduced bipartisan legislation that would allow use of health savings account (HSA) funds to pay for in-home long-term care. The bill has 11 bipartisan cosponsors.