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
Combination of several coverages to protect the insured. For example, the comprehensive health insurance policy combines the basic hospital plan with major medical insurance to cover ...
Liability insurance coverage, primarily for shipyards for ocean marine risks, provided in much the same manner as umbrella liability insurance for nonmarine risks. Coverages may be provided ...
Unexpected claims occurring above the expected claims for which a contingency reserve is maintained. ...
Reserve at the beginning of the policy year that is equal to the terminal reserve for the preceding year plus the net level premium for the current year. ...
Type of proportional reinsurance under which the ceding company (primary insurer) cedes to a re-insurer its net amount at risk for the amount above its retention limit on a life insurance ...
Coverage for bodily injury and property damage liability resulting from the ownership, use, and/or maintenance of an insured business's premises as well as operations by the business ...
Coverage usually written as an endorsement to property policies such as the Standard Fire Policy. A loss must be by the intentional acts of vandals. This peril is of particular importance ...
Document used to sign up employees for plans such as salary savings, life insurance, or other employee benefits. ...
Ordinary life insurance that generates a first year cash value from the payment of the first year premium. Using this cash value, loans could be made to finance premiums due in the future, ...
Have a question or comment?
We're here to help.