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ST. PAUL – State Rep. Bob Gunther (R-Fairmont) is co-authoring legislation that would increase the state income tax credit for Minnesotans who take out long-term care insurance. His bill would increase the credit from $100 to $500 for individuals and from $200 to $1,000 for married couples.
Gunther said that with the rising costs of nursing home care and other services for the aged, younger people today must begin thinking about insuring themselves against the cost of growing old.
“Nursing home costs are staggering not only for families but also to taxpayers,” Gunther said. “We should provide an incentive for families to save for their own long-term care needs.”
Right now, Minnesotans who take out a long-term care insurance policy that offers a benefit of $100,000 or more may be eligible for the full $100 individual credit, depending how they deduct the premiums on their federal income tax forms. Gunther said he hoped increasing the credit might incite more people to take out long-term care insurance and that it would encourage more insurers and employers to offer long-term care policies.
“Long-term care insurance should become as common as health and life insurance polices,” Gunhter said. “It should become a part of everyone’s portfolio.”
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