Long-Term Care Insurance Incentive Act of 1993

Summary

TABLE OF CONTENTS: Title I: Tax Treatment of Long-Term Care Insurance Title II: Refundable Tax Credit for Certain Custodial Care Title III: Protection of Assets Under Medicaid Through Use of Qualified Long-Term Care Insurance Long-Term Care Insurance Incentive Act of 1993 - Title I: Tax Treatment of Long-Term Care Insurance - Amends the Internal Revenue Code to provide for the treatment of qualified long-term care insurance as accident and health insurance for purposes of insurance company taxation. Excludes from gross income benefits provided under a long-term care insurance contract. Includes in gross income employer-provided coverage for long-term care services. Allows a tax credit for a percentage of qualified long-term care premiums. Includes amounts paid for qualified long-term care services as medical expenses for individual itemized deductions. Includes any parent or grandparent as a dependent for purposes of such expenses. Provides for the nonrecognition of gain or loss on the exchange of any life insurance contract or an endowment or annuity contract for a long-term care insurance contract. Excludes from gross income certain amounts withdrawn from individual retirement accounts and certain employer cash or deferred arrangements to pay long-term care premiums. Provides for the exclusion as a death benefit of any amount paid or advanced to an individual under a life insurance contract because such individual is terminally ill, chronically ill, or has been permanently confined to a qualified facility. Allows insurance companies to issue accelerated death benefit riders on life insurance contracts. Title II: Refundable Tax Credit for Certain Custodial Care - Allows a $2,000 per qualified person tax credit for taxpayers who maintain a household which includes a chronically ill dependent. Title III: Protection of Assets Under Medicaid Through Use of Qualified Long-Term Care Insurance - Amends title XIX of the Social Security Act (Medicaid) to disregard assets which are attributable to coverage under a qualified long-term care insurance contract for purposes of eligibility.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 May 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 27 May 1993

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• Introduced in House

  summary · EN · 27 May 1993

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