S.1658 - Family Choice in Long-Term Care Act104th Congress (1995-1996)
|Sponsor:||Sen. McConnell, Mitch [R-KY] (Introduced 03/29/1996)|
|Committees:||Senate - Finance|
|Latest Action:||03/29/1996 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.1658 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in Senate (03/29/1996)
TABLE OF CONTENTS:
Title I: Tax Treatment of Long-Term Care Insurance
Title II: Long-Term Care Insurance Standards
Title III: Preventive Health Practices Promotion
Family Choice in Long-Term Care Act - Title I: Tax Treatment of Long-Term Care Insurance - Amends the Internal Revenue Code to: (1) treat qualified long-term services as deductible medical care; (2) permit the offer of certain long-term care insurance contracts in certain employer (cafeteria) plans; (3) include in gross income excessive long-term care benefits; and (4) mandate that qualified long-term care insurance tax reserves be determined according to the reserve method prescribed by the National Association of Insurance Commissioners or by the one-year full preliminary term method, if no reserve method has been prescribed.
(Sec. 106) Allows, without the recognition of a gain or loss, for the exchange of a life insurance contract or an endowment or annuity contract for a long-term care insurance contract.
(Sec. 107) Provides for the exclusion as a death benefit of any amount paid to an individual under a life insurance contract because such individual is: (1) terminally ill; or (2) chronically ill, but only if such amount is received under a rider or other provision of such contract which is treated as a long-term care insurance contract.
(Sec. 108) Allows insurance companies to issue accelerated death benefit riders on life insurance contracts.
(Sec. 109) Excludes from gross income certain amounts withdrawn from individual retirement accounts and certain employer cash or deferred arrangements to pay long-term care premiums.
Title II: Long-Term Care Insurance Standards - Long-Term Care Insurance Standards Amendments of 1995 - Directs the Congress to appoint the National Long-Term Care Insurance Advisory Council to advise the Congress and monitor development of the long-term care insurance market. Authorizes appropriations.
(Sec. 202) Amends the Internal Revenue Code to set forth consumer protection provisions regarding long-term care insurance policies. Sets forth tax penalties for non-complying issuers of such policies.
(Sec. 204) Declares that insurance policies deemed by a State Insurance Commissioner to be in compliance with this Act and the Internal Revenue Code shall be deemed approved for sale in any other State.
Title III: Preventive Health Practices Promotion - Amends title XVIII (Medicare) of the Social Security Act to direct the Secretary of Health and Human Services to develop and distribute a summary of recommended preventive health care practices for elderly individuals entitled to benefits.