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HR 3491 101th Congress House Taxation Catastrophic health insurance Geriatrics Health Health insurance Income tax Individual retirement accounts Long-term care insurance Social Welfare Standards Tax exclusion

Long-Term Care Insurance for the Elderly Act of 1989

Introduced: October 18, 1989 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 27, 1989
Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness.
Oct 18, 1989
Referred to the House Committee on Energy and Commerce.
Oct 18, 1989
Referred to the House Committee on Ways and Means.
Oct 18, 1989
Introduced in House
 Plain-English summary Congressional Research Service

Long-Term Care Insurance for the Elderly Act of 1989 - 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 or individual's spouse within 90 days of its receipt; and (2) the individual or individual's spouse 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 October 27, 1989

Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Democratic 1