Alzheimer’s Family Assistance Act of 2007 (S. 897)

Key Components:

• Establish above the line tax deduction for purchase of LTC insurance and tax credit for family caregivers. Level of tax deduction varies by the number of years of continuous coverage: 60% of premium cost for less than one year of coverage, up to 100% for four years or more.
• The percentages start at 70% for persons ages 55+ and rises to 100% after two years of continuous coverage up to $3,000/year.