Summary: S.4820 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.4820. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (10/20/2020)

Long-Term Care Affordability Act

This bill allows the use of tax-exempt retirement plan distributions to pay for long-term health care insurance. Specifically, it excludes such distributions from the gross income of an insured individual up to $2,500 for per individual in a taxable year.

It also imposes reporting requirements on plans and insured individuals and requires a description of long-term care insurance arrangements and facts sheets for employers and workers.