Clinton Budget Should Include Tax Deduction For Long-Term Care Insurance Premiums

Jan 19, 2000

FOR IMMEDIATE RELEASE

January 19, 2000

CONTACT: Carrie B. Tydings
(202) 824-1786
e-mail: ctydings@hiaa.org

The following statement was released today by Chip Kahn, president of the Health Insurance Association of America (HIAA):

The Health Insurance Association of America commends President Clinton for his focus on helping Americans pay for long-term care with a $3,000 tax credit for long-term care costs. This issue is the largest looming unfunded liability facing Americans today, and it must be addressed.

In addition to helping those with current long-term care needs, we believe tax incentives are needed to help encourage Americans to plan ahead for their own long-term care needs.

That is why HIAA believes that it is vitally important that any long-term care legislation include a 100% tax deduction for the cost of purchasing long-term care insurance. There are several bi-partisan bills in Congress that would do just that. A 100-percent "above-the-line" tax deduction for purchasing private long-term care insurance would make purchasing coverage more affordable, and enable Americans to protect themselves against the potentially catastrophic cost of their own long-term care needs.