Finding affordable long-term care is challenging for many Americans. Rep. Tom Suozzi, D-New York, aims to introduce a federal program to address this issue, inspired by his parents' experience with long-term care insurance.
For many Americans, finding affordable long-term care is a challenge. One congressman wants to create a federal program to help.Still, around 7 in 10 individuals will need that care at some point."We're going to have a major storm coming in our country with all these folks that can't take care of themselves," Rep. Tom Suozzi, D-New York, said Thursday at theThat experience inspired Suozzi's parents to buy long-term care insurance.
Like Social Security and Medicare, Americans would also need to contribute to the program through a payroll tax to receive the benefits. It is a"tough sell" to tell people that there's a mandatory tax for long-term care, particularly since not everyone will need those benefits, Ben Veghte, director of the WA Cares Fund, said Thursday during a separate long-term care discussion at the EBRI conference.
An estimated 7 in 10 people will need long-term care in their lifetimes, according to Veghte. But that often prompts people to wonder about the other 3 in 10, and why those people have to pay taxes for benefits they may never receive.
LONG-TERM CARE AFFORDABLE CARE TOM SUOZZI FEDERAL PROGRAM INSURANCE
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