WASHINGTON, DC – PA U.S. Sen. Pat Toomey is re-introducing a bill to increase the affordability of long-term care insurance. His measure would allow individuals to pay up to $2,500 each year for long-term care insurance with their 401(k), 403(b), and IRAs without a tax penalty. Toomey calls his measure “ a commonsense change to enhance financial security in retirement.” According to the U.S. Census Bureau, 50% of individuals living past the age of 65 will need some long-term care, and more than half of American households contribute to retirement accounts. Several organizations are supporting Toomey’s proposal, including the Alzheimer’s Association, Edward Jones, and National Association of Insurance and Financial Advisors.

SEN. PAT TOOMEY