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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
Comprehensive Long-Term Care Incentives Act of 1990 -
Tax Treatment of Long-Term Care Insurance and Plans
Treatment of Long-Term Care Insurance
Provides for the treatment of qualified long-term care insurance as accident and health insurance for purposes of taxation of life insurance companies. Allows employers to offer employees qualified long-term care insurance as a tax-free fringe benefit. Excludes from gross income amounts withdrawn from individual retirement accounts or qualified pension plans with cash or deferred arrangements for purposes of purchasing long-term care insurance. Permits the non-taxable exchange of life insurance policies for long-term care insurance in the case of an individual who has attained age 59 1/2.
Employer Funding of Medical Benefits
Revises provisions governing medical benefits for retired employees and their spouses and dependents. Provides a tax deduction for employer contributions to health benefits accounts. Defines funded reserve accounts and vesting requirements to qualify for such tax deduction. Establishes a 50-percent tax penalty on early distributions of medical benefits and a 100-percent excise tax on allocated assets that are not used to provide retiree health benefits.
Reverse Mortgage Insurance for Older Americans
Amends the National Housing Act to limit the total number of mortgages to be insured and the amount of such insurance under the demonstration program of insurance of home equity conversion mortgages for elderly homeowners. Allows reverse mortgages and sale-leaseback arrangements, whereby homeowners may convert their equity interest in order to purchase qualified long-term care insurance. Subpart D: Income Tax Credits - Allows a $2,000 per qualified person tax credit for taxpayers who maintain a household which includes a parent, grandparent, dependent, or spouse who requires specified custodial care. Allows a tax credit for 25 percent of the long-term care expenses of certain independent persons (not in excess of $2,000 per qualified person per taxable year).
Provision of Long-Term Care and Related Services
Increase in Medicare Benefits
Amends title XVIII (Medicare) of the Social Security Act to cover screening mammographies for women age 35 and older at a frequency which varies on the basis of a woman's age and risk of developing breast cancer. Covers up to 80 hours of annual in-home respite care furnished to an individual who has incurred expenses equal to a specified Medicare
B (Supplementary Medical Insurance) cost-sharing limit and, for the preceding three months, has been unable to perform at least two specified daily living activities without the assistance of an uncompensated primary caregiver with whom he or she resides. Covers nursing care and home health aide services as home health services if such services are needed less than seven days each week or are needed for up to 38 consecutive days. Amends part A (Hospital Insurance) of the Medicare program to create an extension period of hospice care for terminally ill beneficiaries which is to follow the two 90-day periods and the subsequent 30-day period of hospice care coverage currently provided in an individual's lifetime. Covers colon-rectal screening examinations for individuals age 50 and older at a frequency which varies on the basis of the screening procedure used. Covers home intravenous drug therapy services. Increases the Medicare part B premium. Part 2
Increases the maximum civil penalty which may be imposed on agents who use fraudulent and deceptive practices to sell Medicare supplemental insurance policies. Forbids agents from knowingly selling policies that duplicate a beneficiary's current coverage in any way. Directs the Secretary of Health and Human Services to provide matching grants to States which: (1) meet specified requirements for the establishment of a toll-free telephone hotline providing individuals with Medicare supplemental insurance information; and (2) disseminate an educational brochure which summarizes such information.
Medicaid Long-Term Care Demonstration Projects
Directs the Secretary of Health and Human Services to establish demonstration projects in any requesting State allowing individuals with income and resources above Medicaid (title XIX of the Social Security Act) eligibility levels to receive Medicaid long-term care benefits if they purchase a State approved long-term care insurance policy covering long-term care for a period preceding their Medicaid eligibility.
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 (Corporation), which shall not be 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.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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