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
Statutory liabilities minus the interest MAINTENANCE RESERVE minus the ASSET VALUATION RESERVE. ...
Liability incurred by a business for acts other than those of its own employees. This particular situation may arise when an independent contractor is hired. The business can be held liable ...
Investment strategy that advocates the transfer of amounts from one category of investment to another category according to a perception of how each of these categories of investments will ...
Assets that are not readily convertible into cash 'without a significant loss of principle, such as an automobile, a house, television set, a radio, etc. ...
When people think of home insurance policies, they usually only think about the obvious coverage of its house structure. But that, known as Dwelling Insurance, is only one of the coverage ...
Same as term Captive Agent: representative of a single insurer or fleet of insurers who is obliged to submit business only to that company, or at the very minimum, give that company first ...
Modifications of the traditional defined benefit plan in which employees are credited with a specified percentage for each year of recognized service with the employer. Upon termination of ...
Same as term Blanket Position Bond: covers all employees of a business on a blanket basis with the maximumlimit of coverage applied separately to each employee guilty of a crime. ...
Privately formed insurance company whose objective is to make a profit. ...
Have a question or comment?
We're here to help.