Monday, July 30, 2012

UPDATE: Tax break bill for long-term health care costs goes into effect this week

UPDATE: Tax break bill for long-term health care costs goes into effect this week

STATE CAPITOL, PHOENIX – Assistant Minority Leader Steve Farley’s, D-Tucson (District 28), bill to provide tax breaks for middle-class families paying for long-term health care goes into effect on Thursday, Aug. 2.

“Now middle-class families who will be caring for people who need long-term health care will get some financial relief,” Farley said. “Arizonans will be able to better manage long-term medical care expenses for themselves and the seniors they love without growing the size or scope of government.”

The new law allows taxpayers to create tax-deductible savings accounts to pay for non-hospital expenses, such as nursing home care, home health care and assisted or alternative family living. It also allows taxpayers to take deductions for long-term health care insurance premiums, even if they do not itemize their deductions.

 
People can contact their own banks to learn when banks will make these savings accounts available.

“Across the country, families face financial hardships associated with paying for long-term health care,” Farley said. “There is no national plan for dealing with these astounding costs. This law is the first of desperately needed reforms, and I intend to propose additional legislation both in Arizona and on a federal level that will benefit middle-class families making decisions about long-term care.”

Farley added that he understands firsthand the financial challenges of providing long-term medical care for a loved one.


“This is a deeply personal issue for me. My mother passed away last year and spent the last three years of her life in long-term care,” Farley said. “This is an issue that is or soon will be vitally important to many Arizonans. I am grateful for the support of my colleagues.”



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