Toomey’s bill “would assist families to prepare for their long-term-care needs by allowing them to have limited access to their retirement savings to help pay for long-term-care insurance,” the ACLI and NAIFA said in their joint statement.
“With this sort of flexibility, more families would have protection of retirement savings and be far better positioned to meet long-term care expenses,” they added.
ACLI and NAIFA are also suggesting:
• Tax incentives to expand consumer access to LTCI through workplace and retirement plans
• Laws or regulations that would allow LTCI incidental benefits to support independent living and aging in place before current eligibility requirements, including a severe cognitive impairment, are met.
• Revised federal regulations on inflation protection to allow LTCI policies to better meet the needs of consumers.