The new tax rules governing long-term care insurance

Article Abstract:

The government provides tax incentives to encourage individuals to purchase long-term care insurance to prevent the burden of long-term care falling on the government. To further this goal, the Health Insurance Portability and Accountability Act of 1996 states that qualified long-term health care costs will be deductible similar to other health care and insurance benefits for both beneficiaries and employers. Specific provisions of the Act are discussed.

Medical Insurance NEC, Taxation

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The new tax rules governing long-term care insurance

Article Abstract:

The qualification requirements in IRC section 7702B(b) are designed to limit the availability of qualified long-term care insurance contracts to deter using such contracts as investments. The tax benefits afforded by qualification are meant for cases where a clear need for long term care exists. Consumer protection provisions are set forth in IRC sections 7702B(g) and 4980C. The various requirements and provisions are described and discussed.

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The new tax rules governing long-term care insurance, part 3

Article Abstract:

The Health Insurance Portability and Accountability Act of 1996 (HIPAA) has established rules about how to tax long-term care insurance benefits. Long-term care provisions are treated under the HIPAA separately from the life insurance contract, but the question of whether a deduction permitted for quality long-term care costs reimbursed by a nonqualified long-term care contract remains.

Public Finance Activities, Tax Deductions & Exemptions, Interpretation and construction, Tax law, Tax deductions

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