Wisconsin residents could set up long-term care funds in a manner similar to the Edvest college savings plan, under a bill with bipartisan support expected to have a public hearing soon.
Under the bill, people could make tax-exempt contributions of up to $5,500 a year — up to $8,500 a year for those older than 50 — and withdraw the money tax free for qualified long-term care.
The funds would be an alternative to long-term care insurance, which can be costly and hard to get.
Rep. Dave Murphy, R-Greenville, is the lead Assembly sponsor, with Sen. Mark Miller, D-Monona, the Senate lead. The measure has 17 other Assembly sponsors — four Republicans and 13 Democrats — and two other sponsors, both Democrats, in the Senate.
Read more in the Wisconsin State Journal.