Max Cleland: “the Cleland Savings Bond Tax-Exemption for Long-Term Care Services Amendment would exclude United States savings bond…”

“the Cleland Savings Bond Tax-Exemption for Long-Term Care Services Amendment would exclude United States savings bond income from being taxed if used to pay for long-term health care expenses. This bill will assist individuals struggling to accommodate costs associated with many chronic medical conditions and the aging process. A staggering 5.8 million Americans are afflicted with the financial burdens of long-term care. My bill proposes a tax credit for individuals who are limited in daily activities or have a comparable cognitive impairment. Providing a tax credit for families paying for long-term health care will help alleviate the financial burdens for one of the fastest growing health care expenses. Federal and state spending for nursing home care and home care continues to skyrocket. Current estimates forecast that in the next 30 years, half of all women and a third of all men in the United States will spend a portion of their life in a nursing home at cost of $40,000 to $90,000 per year per person. My legislation will assist families by: providing a tax credit for savings bonds used to pay for long-term care, and allowing families to use their savings bond assets to face the dual challenge of paying for long-term care services and higher education expenses. I urge you to support proposal to provide tax relief to Americans burdened by the financial constraints on providing long-term care and higher education expenses.”