Long-Term Care Support and Incentive Act of 2005

The Long-Term Care Support and Incentive Act of 2005 was designed to make long-term care more affordable for families through new tax incentives and insurance reforms. The bill would have allowed individuals to deduct a significant portion of their long-term care insurance premiums from their taxes and permitted these insurance plans to be included in employer-sponsored flexible spending accounts. Additionally, it proposed a $4,000 tax credit for family caregivers who provide long-term care for elderly relatives with chronic needs. Finally, the legislation sought to establish mandatory consumer protections to ensure that long-term care insurance policies meet specific quality and reliability standards.