To require the Secretary of Health and Human Services to submit to the Congress a proposal for the regulation of long-term care insurance policies, including an analysis and evaluation of such policies as are available to individuals, and to amend the Internal Revenue Code of 1986 to allow tax-free distributions from individual retirement accounts for the purchase of long-term care insurance coverage by individuals who have attained age 59 1/2.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Referred to the House Committee on Energy and Commerce.
Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness.
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