S. 627 — Long-Term Care and Retirement Security Act of 2001

Summary

Long-Term Care and Retirement Security Act of 2001 - Amends the Internal Revenue Code to allow: (1) a deduction (based on years of continuous coverage) for eligible long-term care insurance premiums for a taxpayer, spouse, and dependents, including accelerated deduction percentages for persons who are 55 years old; and (2) long-term care insurance to be offered under cafeteria plans and flexible spending arrangements.

Allows an income-adjusted (limited) credit for eligible individuals with long-term care needs.

Sets forth specified requirements for qualifying long-term care insurance contracts.

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Related Legislation

H.R. 831Long-Term Care and Retirement Security Act of 2001
2001-03-01Referred to the House Committee on Ways and Means.
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Legislative Actions

2001-03-27
Introduced in Senate
2001-03-27
Sponsor introductory remarks on measure. (CR S2995)
2001-03-27
Read twice and referred to the Committee on Finance.

Long-Term Care and Retirement Security Act of 2001

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