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HR 1933 100th Congress House Taxation Business and commerce Catastrophic health insurance Geriatrics Health Health insurance Income tax Individual retirement accounts Insurance Long-term care Medical economics Social Welfare Standards Tax exclusion Tax-deferred compensation plans

Long-Term Care Insurance for the Elderly Act of 1987

Introduced: April 2, 1987 See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 9, 1987
Referred to Subcommittee on Health and the Environment.
Apr 6, 1987
Referred to Subcommittee on Health.
Apr 2, 1987
Referred to House Committee on Ways and Means.
Apr 2, 1987
Referred to House Committee on Energy and Commerce.
Apr 2, 1987
Introduced in House
 Plain-English summary Congressional Research Service

Long-Term Care Insurance for the Elderly Act of 1987 - Amends the Internal Revenue Code to allow tax-free distributions from an individual retirement account or an individual retirement annuity for the purchase of long-term care insurance coverage when: (1) the entire amount received is used to buy such insurance for the individual within 90 days of its receipt; and (2) the individual has reached age 59 and one-half by the date of the distribution.

Describes the method, based on the taxpayer's adjusted gross income for the taxable year, for determining the applicable percentage of the distribution or payment amount to which tax-free treatment will be accorded.

Requires the Secretary of Health and Human Services to submit to the Congress, within one year after this Act's enactment, a proposal for the regulation of long-term care insurance policies, including minimum standards and an evaluation of the various catastrophic and long-term care policies currently available.

What's happening now April 9, 1987

Referred to Subcommittee on Health and the Environment.

 Committees of jurisdiction 4
 Cosponsors 2
All 2 Democratic 2