Summary: H.R.1261 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for H.R.1261. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/24/1999)

Long-Term Care Insurance Act of 1999 - Amends the Internal Revenue Code to allow a phased- in deduction (20 percent to 100 percent over five years) for eligible long-term care premiums paid on behalf of a taxpayer, spouse, or dependent.

Provides that such deduction shall: (1) not be part of the medical deduction; (2) not be available if used as part of the self-employed health insurance deduction; and (3) be available to nonitemizers and itemizers.

Reduces the earned income percentage for taxpayers without children.

Amends the Social Security Act, with respect to long-term care policy benefits, to exempt 75 percent of certain disregarded assets from State Medicaid recovery.

Directs the: (1) Commissioner of the Social Security Administration to inform the public about the financial risks and costs of long-term care costs, and the limited coverage provided under Medicaid and Medicare; and (2) Secretary of Labor to encourage employer-sponsored long-term coverage.