LTC Affordability Act (S. 4820)
Overview:
116th Congress (2019-2021)
Type: Use of Retirement Funds
Key Components:
- Amend the IRC to exclude up to $2,500/year from gross income distributions from eligible retirement plans if used to purchase
LTC insurance or chronic illness benefit under a life insurance policy. - Includes IRAs, 401K, 403b, 457 plans. The $2,500/year is indexed for inflation.
Key Authors:
- Sen. Patrick Toomey (R-PA)
Senate Finance
LTC Affordability Act
(S. 4820)
Category:
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