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Easier Access to Long-Term Care Insurance via Retirement Funds

This act aims to make it easier for citizens to pay for long-term care insurance. It allows the use of retirement plan funds, up to $2,500 annually, without additional taxation. This helps individuals plan for their future and financially secure themselves against the need for long-term care.
Key points
Ability to withdraw up to $2,500 annually from retirement plans for long-term care insurance without paying taxes.
The $2,500 amount will be adjusted annually for inflation, increasing its value over time.
Insurers will be required to report withdrawals for long-term care insurance, increasing transparency.
More information on long-term care insurance will be made available to employees and employers.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_7107
Sponsor: Rep. Wagner, Ann [R-MO-2]
Process start date: 2022-03-16
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Long-Term Care Affordability Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7107.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-03-16.

What are the main provisions?

Key points include:

  • Ability to withdraw up to $2,500 annually from retirement plans for long-term care insurance without paying taxes.
  • The $2,500 amount will be adjusted annually for inflation, increasing its value over time.
  • Insurers will be required to report withdrawals for long-term care insurance, increasing transparency.
  • More information on long-term care insurance will be made available to employees and employers.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Wagner, Ann [R-MO-2].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Health Benefits