House gets new version of long term care bill.
Congress now is considering a second version of a major long term care insurance bill. H.R. 2096, the Long Term Care Affordability and Security Act, would allow long term care insurance to be included in employer-sponsored cafeteria plans and flexible spending accounts. Plan participants could pay for LTC insurance with pretax dollars.
The bill also would create new federal LTC insurance consumer protections based on provisions in a model developed by the National Association of Insurance Commissioners, Kansas City, Mo.
H.R. 2096 was introduced by Reps. Earl Pomeroy, D-N.D.; Allyson Schwartz, D-Pa.; Charles Boustany, R-La.; and Ginny Brown-Waite, R-Fla.
Members of the Senate introduced a similar bill, S. 702, in March. The Senate bill was introduced by Sens. Amy Klobuchar, D-Minn.; Blanche Lincoln, D-Ark.; Susan Collins, R-Maine; John Ensign, R-Nev.; and Lindsey Graham, R-S.C.
The American Council of Life Insurers, Washington, welcomed the introduction of the House version of the bill.
"This bill reflects the importance of long term care insurance as a retirement security product," ACLI President Frank Keating says in a statement.
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|Publication:||National Underwriter Life & Health|
|Article Type:||Brief article|
|Date:||May 4, 2009|
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