The Planning for Long-term Aging Needs (PLAN) Act, sponsored by Reps. Tom Suozzi (D-NY) and Aaron Bean (R-FL), would direct the Department of Health and Human Services to create a public education initiative to encourage Americans to plan for their potential long-term care needs.
Rep. Suozzi’s announcement of the bill quotes NAIFA President Christopher Gandy as saying:
“America’s aging population demands action—together, through education, planning, and partnership. Bipartisan legislation introduced by Representatives Tom Suozzi and Aaron Bean to create a comprehensive public education initiative focused on the critical need for individuals and families to plan for their long-term care needs does just that. This forward-thinking measure will help Americans better understand the financial, emotional, and personal challenges associated with aging and extended care, empowering them to take proactive steps to protect their independence, assets, and loved ones.”
According to Rep. Suozzi’s office:
Nearly 70% of older Americans will require some form of long-term care.
Less than 30% of people over age 50 have considered their potential need for long-term care.
Around 50% of adults believe Medicare covers long-term care, a dangerous misconception.
The Bipartisan PLAN Act would empower Americans to educate themselves, understand their long-term care choices, and plan ahead with the help of financial security professionals. Grassroots advocates at NAIFA’s Congressional Conference Hill day on May 19 emphasized the importance of long-term care education for their clients and the public and encouraged their lawmakers to support the Suozzi-Bean bill. The Limited and Extended Care Planning Collective, a part of NAIFA’s Lifetime Healthcare Center, is also active in promoting long-term care planning and solutions.