Lawmaker Proposes Federal Catastrophic Long-Term Care Insurance Program

[Northeast Agent]

What You Need to Know

• Employees would pay a 0.3% payroll tax and employers would pay 0.3%.
• The monthly benefit would start at $3,600 and rise with inflation.
• The goal is for the benefit to pay for six hours of care per day.

For low-income workers, benefits would kick in a year after the workers began to need LTC services.

For the highest income workers, public long-term care insurance (LTCI) would begin to pay benefits after five years.

Suozzi said he tried to design H.R. 4289 to make the LTCI market more attractive to private insurers, not to crowd private LTCI coverage out.