LONG-TERM CARE Background: B Agents Licensing Insurance that provides benefits for services for chronic care conditions over (Somers) only if relates an extended period of time when there is an inability to perform certain to agent licensing or activities of daily living or there is a cognitive impairment. training; NAIC Model: Long-Term Care Position: Insurance (McGuffey); the entire Model Act and Model Regulation. The NAIC LTC Support Insurance Model Act and Regulation seek to promote the availability of LTC Premium Tax (Witt) insurance and to establish standards, guidelines and consumer protections for only if relates to LTC insurance. care tax credit; LILS #11 DI and LTC HIPAA: as Health Insurance; Position: Support HIPAA tax classification for LTC policies. The Health LILS #8 LTC Rate “qualified” Insurance Portability and Accountability Act established provisions that Filing provided for federally tax qualified LTC plans. ISC Long-Term Care State Employee Coverage: Legislation Position: Support LTC Insurance offered in a state benefit plan for state public employees. Compliance Notes: In addition to bills/regs that directly regulate LTC, also determine if LTC is included in the definition of the health insurance by referring to LILS #11 DI and LTC as Health Insurance. Add to the summary if LTC is excluded or included. If information is available mention whether it follows the NAIC model. health insurance, Web Keywords: long-term care deduction, long-term care insurance, long-term care partnership, long-term care tax credit B Long-Term Care LONG-TERM Position: CARE: TAX Support state tax credits and/or deductions that reduce the cost of LTC Insurance (McGuffey) insurance by reducing taxable income or offsetting taxes directly. only if relates to LTC INCENTIVES tax deduction; Web Keywords: long-term care deduction, long-term care insurance, long-term care tax credit, tax credit Premium Tax (Witt) tax incentive, taxes only if relates to LTC tax credit LILS #63 LTC Tax Incentives
LONG-TERM CARE Background: Insurance that provides benefits for services for chronic care conditions over an extended period of time when there is an inability to perform certain activities of daily living or there is a cognitive impairment. NAIC Model: Position: Support the entire Model Act and Model Regulation. The NAIC LTC Insurance Model Act and Regulation seek to promote the availability of LTC insurance and to establish standards, guidelines and consumer protections for LTC insurance. HIPAA: Position: Support HIPAA tax classification for “qualified” LTC policies. The Health Insurance Portability and Accountability Act established provisions that provided for federally tax qualified LTC plans. State Employee Coverage: Position: Support LTC Insurance offered in a state benefit plan for state public employees. Compliance Notes: In addition to bills/regs that directly regulate LTC, also determine if LTC is included in the definition of the health insurance by referring to LILS #11 DI and LTC as Health Insurance. Add to the summary if LTC is excluded or included. If information is available mention whether it follows the NAIC model. Web Keywords: health insurance, long-term care deduction, long-term care insurance, long-term care partnership, long-term care tax credit B Agents Licensing (Somers) only if relates to agent licensing or training; Long-Term Care Insurance (McGuffey); Premium Tax (Witt) only if relates to care tax credit; LILS #11 DI and LTC as Health Insurance; LILS #8 LTC Rate Filing ISC Long-Term Care Legislation LONG-TERM CARE: TAX INCENTIVES Position: Support state tax credits and/or deductions that reduce the cost of LTC insurance by reducing taxable income or offsetting taxes directly. Web Keywords: long-term care deduction, long-term care insurance, long-term care tax credit, tax credit tax incentive, taxes B Long-Term Care Insurance (McGuffey) only if relates to LTC tax deduction; Premium Tax (Witt) only if relates to LTC tax credit LILS #63 LTC Tax Incentives