Older Americans Long-Term Care Insurance Act of 1989

Summary

Older Americans Long-Term Care Insurance Act of 1989 - Title I: Tax Provisions Related to Long-Term Care Insurance - Amends the Internal Revenue Code to require that, for the purpose of determining the income tax liability of issuers of qualified long-term insurance, the contracts be treated as accident or health insurance. Applies this provision to policies covering at least 12 consecutive months of necessary diagnostic, preventive, therapeutic, rehabilitative, or personal care services that are provided in a setting other than an acute care unit of a hospital. Requires policies issued after 1989 to be reinsured by the Federal National Long-Term Care Reinsurance Corporation, if the Corporation is incorporated when the policy is issued. Directs the Secretary of Health and Human Services to: (1) submit to the Congress before 1991 a study on long-term insurance policies; and (2) report annually to the Congress regarding the certification of qualified long-term care insurance. Treats qualified long-term care insurance as accident or health insurance and its benefits as benefits for personal injuries or sickness for purposes of determining appropriate tax exclusions for employer contributions or employee benefits. Excludes from gross income: (1) distributions or payments from individual retirement plans that are used during the year to pay the premiums for qualified long-term care coverage of individuals aged 59 1/2 or older; and (2) amounts received upon surrender, cancellation, or exchange of a life insurance contract and used during the year to pay the premiums for qualified long-term care insurance. Title II: Federal National Long-Term Care Reinsurance Corporation - Federal National Long-Term Care Reinsurance Corporation Act - Authorizes the Secretary to provide for the incorporation of the Federal National Long-Term Care Reinsurance Corporation (not an agency or establishment of the U.S. Government). Requires the Corporation to confine its activities to reinsuring insurance companies for extraordinary loss in the issuance or payment of qualified long-term care insurance benefits. Directs the Corporation to report annually to the President and to the Congress regarding its activities.

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Timeline

1. 27 January 1989

   Introduced

   Introduced in House

   Source: IntroReferral

2. 27 January 1989

   Introduced

   Referred to the House Committee on Energy and Commerce.

   Source: IntroReferral

3. 27 January 1989

   Introduced

   Introduced in House

   Source: IntroReferral

4. 13 February 1989

   Referred

   Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · — · Download file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 27 January 1989

  Open at official source

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Sponsors

• Rep. Hammerschmidt, John P. [R-AR-3] · R · Sponsor
• · hsif00 · Standing
• · hswm00 · Standing

Related records

• related to ← Older Americans Long-Term Care Insurance Act of 1989