Comprehensive Long-Term Care Incentives Act of 1991

Comprehensive Long-Term Care Incentives Act of 1991 - Title I: Tax Treatment of Long-Term Care Insurance and Plans - Subtitle A: Treatment of Long-Term Care Insurance - Provides for the treatment of qualified long-term care insurance as accident and health insurance for purposes of taxation of life insurance companies.

Allows employers to offer employees qualified long-term care insurance as a tax-free fringe benefit.

Excludes from gross income amounts withdrawn from individual retirement accounts or qualified pension plans with cash or deferred arrangements for purposes of purchasing long-term care insurance.

Permits the non-taxable exchange of life insurance policies for long-term care insurance in the case of an individual who has attained age 59 1/2.

Subtitle B: Employer Funding of Medical Benefits - Revises provisions governing medical benefits for retired employees and their spouses and dependents. Provides a tax deduction for employer contributions to health benefits accounts. Defines funded reserve accounts and vesting requirements to qualify for such tax deduction.

Establishes a 50-percent tax penalty on early distributions of medical benefits and a 100-percent excise tax on allocated assets that are not used to provide retiree health benefits.

Subtitle C: Reverse Mortgage Insurance for Older Americans - Amends the National Housing Act to limit the total number of mortgages to be insured and the amount of such insurance under the demonstration program of insurance of home equity conversion mortgages for elderly homeowners.

Subpart D: Income Tax Credits - Allows a $2,000 per qualified person tax credit for taxpayers who maintain a household which includes a parent, grandparent, dependent, or spouse who requires specified custodial care.

Allows a tax credit for 25 percent of the long-term care expenses of certain independent persons (not in excess of $2,000 per qualified person per taxable year).

Title II: Federal National Long-Term Care Reinsurance Corporation - Federal National Long-Term Care Reinsurance Corporation Act - Authorizes the Secretary of Health and Human Services to provide for the incorporation of the Federal National Long-Term Care Reinsurance Corporation (Corporation), which shall not be an agency or establishment of the U.S. Government. Requires the Corporation to confine its activities to reinsuring insurance companies for extraordinary loss in the issuance or payment of qualified long-term care insurance benefits.