Health and Long-Term Care Security Act of 1990

Health and Long-Term Care Security Act of 1990 - Title I: Treatment of Long-Term Health Care - Amends the Internal Revenue Code to allow medical deductions for long-term health care expenses.

Requires that for the purpose of determining the income tax liability of life insurance companies insurance contracts which provide long-term health care be treated in the same way as noncancellable accident or health insurance contracts.

Title II: Employer Funding of Medical Benefits - Allows employers to establish and maintain a separate health benefits account under a defined benefit plan for the payment of medical benefits of retired employees and their spouses and dependents. Allows a deduction for employer contributions to such account. Requires employers to maintain a funded reserve account for the payment of qualified medical benefits.

Imposes an excise tax on assets allocated to retiree health benefits accounts that are not used to provide benefits.

Title III: Transfer of Excess Pension Assets - Allows one transfer per year of excess pension assets to retiree health accounts.