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FOR IMMEDIATE RELEASE |
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State
Rep. Eugene DePasquale |
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Tax credit would help long-term care patients
HARRISBURG, Feb. 8 – State Rep. Eugene DePasquale, D-York, today held a news conference to discuss his legislation that would provide those who purchase long-term care insurance with a Personal Income Tax credit.
"The goal of this bill is help our middle class afford long-term insurance," DePasquale said. "In this case, people who don't qualify for long-term care under Pennsylvania's Medicaid program are often forced to purchase their own – very costly – insurance, and subsequently have trouble paying their annual premiums."
DePasquale said under his legislation, H.B. 1972, those who purchase long-term care insurance would be eligible for a Personal Income Tax credit of 50 percent of their premiums paid during a calendar year or $1,000, whichever is less.
Dr. Stuart Shapiro, President and CEO of the Pennsylvania Health Care Association (PHCA), joined DePasquale in support of the bill.
"People work their whole lives to provide for their families, hoping to leave behind something of value to their loved ones," Shapiro said. "Yet, what they fail to realize is just how fragile that future actually is. One prolonged illness, or the onset of a chronic condition, especially with age, is enough to wipe the slate clean, and with it, all the assets a family managed to earn and save. The very value of long-term care insurance is asset protection."
DePasquale said if Pennsylvania enacts this legislation, it would join the 29 other states and the District of Columbia who assist those who purchase their own long-term care insurance.
"I commend Representative DePasquale for introducing a bill that not only helps Pennsylvanians protect their hard-earned assets, but could also keep us from saddling our children and grandchildren with higher taxes to pay for baby boomers’ long-term care expenses," Shapiro said.
PHCA is a statewide advocacy organization for Pennsylvania’s most vulnerable older residents and their providers of care. Members comprise for-profit, nonprofit and government providers. PHCA, along with its sister agency, the Center for Assisted Living Management, represents more than 334 long-term care and senior service providers that care for almost 33,200 elderly and disabled individuals. For more information call 717-221-1800 or visit www.phca.org.
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