Quick Answer
The Health Insurance Portability and Accountability Act (HIPAA) was an important law that set specific standards for tax-qualified Long-Term Care Insurance policies.
Detailed Answer
The Health Insurance Portability and Accountability Act (HIPAA) of 1996, also known as the Kennedy–Kassebaum Act, was enacted by the 104th United States Congress and signed by President Bill Clinton in 1996. It became law on January 1, 1997.
HIPAA outlines important requirements for Long-Term Care Insurance policies to meet in order to be tax-qualified. Any policy that meets these requirements is eligible for tax deductions as a medical expense. Benefits are not considered taxable income either.
Other areas of HIPAA cover medical privacy and protect health insurance coverage for workers and their families when they change or lose their jobs. Both protections are essential and significant.
LTC News Trusted & Verified
Work With a Trusted Specialist
Get Accurate Long-Term Care Insurance Quotes
- Has substantial experience in Long-Term Care Insurance
- Strong understanding of underwriting, policy design, and claims experience
- Represents all or most of all the leading insurance companies
