Health Insurance Portability And Accountability Act Of 1996 (HIPAA)
Definition of "Health insurance portability and accountability act of 1996 (HIPAA)"
Legislation providing that, to the extent that all deductible medical care expenses exceed 7.5% of the taxpayer's adjusted gross income (AGI), expenses not reimbursed under qualified long-term care coverage's are subject to tax deductibility according to the medical expense deduction rule under the Internal Revenue Service Code, Section 770(b). Also regarded as deductible medical expenses up to a specified maximum according to the individual's age are premiums paid for qualified long-term care (LTC) insurance policies. The specified maximum increases according to the age of the insured, ranging from $200 for insureds age 40 or younger to $2500 for those insureds older than age 70. In addition, benefits received from LTC policies are not included in one's taxable income subject to given restrictions. An insurer offering individual health insurance in an individual state cannot deny coverage to an individual leaving group coverage. Under this act there is guaranteed acceptance and a maternity preexisting condition prohibition. In order for the LTC contract to be qualified under the IRS code, the contract must be an insurance policy that restricts its coverage to only qualified long-term care services; the policy must be a guaranteed renewable contract; and the policy must not have a cash value.
Popular Insurance Terms
Type of surety bond that is either a fiduciary or a court bond. Fiduciary Bond guarantees that individuals in a position of trust will safeguard assets belonging to others placed under ...
Individual retirement account established under the tax reform act of 1986, for a spouse who has unearned income. The maximum annual combined contribution into the worker's and spouse's IRA ...
Payment of insurance proceeds for a claim resulting from a loss to insured mortgaged property. ...
INSURANCE tax that exhibits direct impact on the book income preference. Beginning with the year 1990, the book income preference became equal to 75% of the excess of current adjusted ...
Policy provision that provides coverage for continuing payroll expense of all employees of an insured business (except for officers and executives) for the first specified number of days of ...
Loan under which the owner of a home receives the equity in the form of a series of monthly income payments for life. Upon the owner's death, the lender institution (usually a bank) gains ...
Defined contribution pension plan in which employer contributions are set under a collective bargaining agreement. It usually covers the employees of a number of firms and is administered ...
Retirement plan offered by public employers and tax-exempt organizations. Under Section 403(b) of the Internal Revenue Code, certain tax-exempt organizations such as public school systems ...
Type of guaranteed investments contract in which the interest credited is adjusted on a periodic basis to reflect the investment earnings of the underlying assets of the contract. ...
Have a question or comment?
We're here to help.