Long-Term Care Insurance Act of 1999

Summary

Long-Term Care Insurance Act of 1999 - Amends the Internal Revenue Code to allow a phased- in deduction (20 percent to 100 percent over five years) for eligible long-term care premiums paid on behalf of a taxpayer, spouse, or dependent. Provides that such deduction shall: (1) not be part of the medical deduction; (2) not be available if used as part of the self-employed health insurance deduction; and (3) be available to nonitemizers and itemizers. Reduces the earned income percentage for taxpayers without children. Amends the Social Security Act, with respect to long-term care policy benefits, to exempt 75 percent of certain disregarded assets from State Medicaid recovery. Directs the: (1) Commissioner of the Social Security Administration to inform the public about the financial risks and costs of long-term care costs, and the limited coverage provided under Medicaid and Medicare; and (2) Secretary of Labor to encourage employer-sponsored long-term coverage.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 24 March 1999

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• Introduced in House (PDF)

  Introduced in House · EN · 24 March 1999

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• Introduced in House

  summary · EN · 24 March 1999

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