Congress has been working with unusual speed and diligence to enact legislation to provide economic relief for families and businesses, and we are being respectful of that necessary and singular focus at this time.  We also are aware that very soon, it will be necessary for Congress to be responsive to the needs of the country in recovery phase, and NAIFA is calling on its members to help their lawmakers in those efforts.

Specifically, the coronavirus pandemic has taxed our health care system.  Lost jobs and diversion of retirement savings for short term emergency needs have weakened our overall retirement preparedness. 

And finally, life insurers are a major source of capital for economic growth and employment, and these investments and the income they provide secure industry guarantees to policy holders. Continued flow of capital from the insurance industry will be extremely important for economic recovery after COVID-19.

Take Action! Reach out to your lawmakers asking that Congress include the following provisions in the next COVID relief legislative package:

Health:  NAIFA, along with manufacturers, health care providers and employers, urges Congress to prioritize maintaining private health benefits for individuals and families and to increase coverage options for those who are already uninsured:

• Provide Employers with Temporary Subsidies to Preserve Health Benefits
• Cover the Cost of Coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA).
• Expand Use of Health Savings Accounts (HSA)
• Open a Special Enrollment Period for Health Insurance Marketplaces.
• Increase Eligibility for Federal Subsidies for the Health Insurance Marketplaces.

Retirement:  We join the Insured Retirement Institute (IRI) supporting their five-part plan to help strengthen the ability for Americans to save for and achieve a financially secure retirement:

• Increase the RMD Age to 75
• Remove Barriers Limiting the Ability to Insure Against Outliving Savings
• Expand Catch-Up Contributions to Employees Affected by COVD-19
• Expand Saving Opportunities to Non-Profit, Educational, and Religious Institutions
• Incentivize Small Business Participation in Retirement Savings by Clarifying Start-Up Credits

Life Insurance Tax Changes:  As lawmakers act to help individuals, families, workers, small business owners, and employers through the COVID-19 economic crisis, narrowly targeted tax law changes proposed by the American Council of Life Insurers (ACLI) and supported by NAIFA would safeguard consumers' continued access to financial protection and buttress a major source of capital for U.S. economic recovery:

• Index outdated rates in IRC Section 7702 to match today's interest rate environment and make financial protection available to more families
• Classify bond investment holdings as ordinary instead of capital because they support ordinary liabilities of insurance companies.