More than 43.5 million family caregivers provide unpaid care annually to adults at any given point in time. Health insurance seldom pays for long-term care services and the government provides only limited coverage through Medicare and Medicaid. Many people are unable to save enough on their own to cover the costs of long-term care. Today, the median cost of a one-year stay in a nursing home is $102,200 for a private room. Home care is less expensive but still costly: a visit by a home health aide can cost $4,385 a month. This growing problem has caught Congress’ attention. The … Continue reading "House Committee Seeks Care Solutions for Aging Americans"
Every November 11 on Veterans Day, the United States proudly honors the brave men and women who served in our armed forces. We also honor their families, for the many sacrifices and hardships they endured while their loved ones protected our nation. These heroes and their families deserve our utmost respect and gratitude. Instead, some survivors of fallen U.S. troops are facing an undeserved tax burden. The 2017 federal tax reform law unintentionally changed the tax rules for children of U.S. military members who died on duty. Consequently, an estimated 18,000 Gold Star families watched the tax bill on their … Continue reading "Senate Passage of SECURE Act Would Help Gold Star Families and All Americans"
Did you know that October is National Work and Family Month? Established in 2003 by a Senate resolution, it recognizes the importance of creating more flexible work environments and helping individuals better balance their work-life commitments. A proven way to support working families is through paid family and medical leave benefits (PFML). In fact, 47% of the full-time workforce has access to a short-term disability plan that provides personal medical leave and maternity leave. So, we were heartened to see the Internal Revenue Service as part of its celebration of National Work and Family Month highlight a tax credit that … Continue reading "Extend Family Leave Tax Credit to Help American Families"
America is becoming more diverse every day. The U.S. Census Bureau projects that our nation will become “majority minority” by 2045. As society and work change, life insurers are committed to empowering all Americans with the information and tools they need to succeed in their financial futures. Building a diverse and inclusive workforce that reflects the wide variety of communities we serve is critical for our success. According to an industry survey by the American Council of Life Insurers (ACLI), 94% of ACLI member companies have developed policy affirming their commitment to diversity and inclusion. And 92% have a chief diversity … Continue reading "America is Changing and So Are We: Diversity & Inclusion Initiatives by the Life Insurance Industry"
There are many good reasons why the Senate should pass the Setting Every Community Up for Retirement (SECURE) Act. Its retirement security provisions would make it easier for small employers to sponsor a retirement plan, encourage employees to save more, and clarify critical retirement-related tax rules for church organizations and institutions Interestingly, one of the best reasons to pass the SECURE Act doesn’t have anything to do with retirement. Instead, it has everything to do with honor. And duty. And fairness. Before the 2017 federal tax reform bill, survivor benefits paid by the U.S. government to the children of U.S. … Continue reading "SECURE It: Honor our Nation’s Heroes by Passing SECURE Act"
The time before a baby’s birth can be thrilling and stressful for a new parent. Between doctor’s appointments, gender reveal parties, baby showers and nursery set up, there is so much to do before a baby is born. With so much already on their plate, the last thing that a family wants to worry about is if they will continue to receive a paycheck when the working mother gives birth. Fortunately, life insurers offer short-term disability insurance policies that provide crucial income protection. Approximately 25 percent of all short-term disability claims are related to pregnancy and maternity. This is the … Continue reading "Life Insurers Provide Crucial Benefits for New Parents"
Have you ever worked forever on a jigsaw puzzle, only to discover you’re missing a key piece? If so, then you’ll understand the current frustration among retirement security proponents who have been working to help solve the nation’s retirement puzzle by passing the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The bill will help Americans prepare for a secure retirement while resolving a vexing tax problem harming our nation’s military families. The U.S. House of Representatives in May voted 417-3 to pass the SECURE Act, which used the Retirement Enhancement and Savings Act (RESA) as a bedrock. It built … Continue reading "U.S. Senate Needs to Pass SECURE Act"