A bill to amend the Internal Revenue Code of 1986 to provide for the establishment of individual medical accounts to assist in the payment of long-term and catastrophic medical care expenses, to provide that the earnings on such accounts will not be taxable, and for other purposes.

Summary

Amends the Internal Revenue Code to provide for the establishment of tax-exempt individual medical accounts created to pay the qualified long-term care expenses and qualified catastrophic care expenses of an individual. Grants a tax exclusion for distributions from such accounts for qualified expenses. Requires qualified long-term care insurance to be treated as accident and health insurance for purposes of: (1) taxation of life insurance companies; and (2) exclusion for benefits received under such insurance and for employer contributions for such insurance.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 20 November 1989

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.