Congressional Bills Affecting Long Term Care
Long-Term Care and Retirement Security Act of 2005
May 26, 2005 : A deduction is allowed equal to the applicable percentage of the amount of eligible Long Term Care premiums paid during the taxable year for coverage for the taxpayer and taxpayer’s spouse (or any dependents) under a qualified Long Term Care insurance contract. Any amount paid by a taxpayer for any qualified Long Term Care insurance contract won’t be taken into account when determining what deduction will be allowed.
Long Term Care Quality and Consumer Information Improvement Act of 2005
April 5, 2005: Again amending the Social Security Act, it provides Medicare beneficiaries with access to information concerning the quality of care provided by skilled nursing facilities and to provide incentives to skilled nursing facilities to improve the quality of care provided by those facilities by linking the amount of payment under the Medicare program to quality reporting and performance requirements, and for other purposes.
Long Term Care Quality Improvement Act of 2005
March 8, 2005 : Title XVIII of the Social Security Act is amended by this bill, allowing for an improvement in the quality of care in skilled nursing facilities under the Medicare program. Reimbursement and monitoring of quality measures will work towards that end. Wages and benefits must be reported, and in essence the overall care received from Long Term Care facilities will be more carefully categorized by the federal government to ensure proper care.
Amendment to the Internal Revenue Code of 1986
March 8, 2005: This bill changes the Internal Revenue Code of 1986 to allow a tax credit of up to $1,000 on expenses incurred when paying for long term care. This includes premiums paid on Long Term Care insurance for one’s spouse or any expenses not covered by Long Term Care insurance
Long-Term Care Act of 2005
February 17, 2005 : Another amendment to the Internal Revenue Code of 1986, this bill ensures that any money received from the payment of a 401k or 403b account will not count towards income when calculating premiums for a Long Term Care insurance policy