I am asking for your support of HB 1209 that provides for an
income tax credit
Summary:
A BILL for an Act to create and enact a
new
section
to chapter 57-38 of the
North Dakota Century Code, relating to a
long-term care
partnership plan
individual income tax
credit.
Additionally,
a credit for premiums for
long-term care partnership plan insurance coverage.
A
credit against an individual's
tax liability under
this chapter is
provided to
each taxpayer in the
amount of
the
premiums paid during
the taxable
year by the
taxpayer
for qualified
long-term care
partnership plan insurance
coverage for
the taxpayer or the taxpayer's spouse, or
both.
Credit
not to
exceed $250 in any taxable
year.
Reasons to support HB
1209
- Provides
an incentive to individuals to
purchase Long Term Care Insurance at a
younger age, and
while still
insurable
- Utilizes
private insurance money to pay
for long term care costs vs
the citizens of
North Dakota
- Reduces
significant North Dakota
Medicaid costs in the future
- Covers
only those Long Term Care
Insurance Policies qualifying for the
Partnership
Program
Reasons people purchase Long Term Care Insurance
- To
protect a client’s legacy
- To
protect a spouse’s income and their
legacy
- To
avoid
being a financial burden on
their family
- To
avoid
being a financial burden on
the American taxpayers
- To
preserve
personal dignity at older
ages
Who may need Long Term Care Insurance?
- Life
expectancy after age 65 has now
increased to 17.9 years, up from 1950 when
life
expectancy after 65 was
only 13 extra years. The longer
people live, the greater
the
chances
they will need assistance due to chronic
conditions
- About
12.8 million Americans of all ages
requires long term care, but only 2.4
million live in
nursing homes
- About
44% of people reaching age 65 are
expected to enter a nursing home at
least once in their
lifetime.
Of
those who do enter a
nursing home about 53%
will stay
for one year or
more
Who pays for Long Term Care Insurance?
- Personal
resources of individuals or
their families
- Long
Term Care Insurance
- Medicaid
for those who qualify
- Medicare,
Medicare supplement insurance,
and most health insurance at work do
not pay for
long term care