Argentum, a gaggle for assisted residing amenities, has a proposal that might make 529 school financial savings plans a extra highly effective retirement planning car.

The group needs Congress to let care recipients and households use leftover 529 plan belongings to pay for long-term care.

“A doable strategy might permit people to pay for long-term care with their 529 plans after a sure age, and not using a tax penalty,” the group says in a brand new dialogue of long-term care funding concepts.

The Alexandria, Virginia-based group has a big presence on Capitol Hill: Its political motion committee contributed $159,500 to candidates throughout the 2021 election cycle. It gave $5,000 to the reelection marketing campaign for Rep. Virginia Foxx, R-N.C., who serves because the chair of the Home Schooling and Labor Committee, in response to Federal Election Fee filings.

What It Means

Discovering new methods to assist your purchasers pay for long-term care is a sizzling matter.

Argentum and Assisted Residing Care

Argentum notes that assisted residing communities take care of about 1 million U.S. residents and that the communities assist maintain the residents from needing expert nursing care, which is often dearer.

Medicaid pays for nursing residence care however historically has not paid for assisted residing facility care.

Argentum itself represents amenities that make use of 1.6 million individuals.

Argentum’s Concepts

The group says Congress ought to modernize long-term care insurance coverage guidelines, create incentives for employers to supply LTCI protection and supply tax credit for household caregivers.

Congress also needs to help formal care employee coaching applications and assist would-be care staff in different international locations immigrate to the US, the group says.

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