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Article: Clinton plan clarifies tax treatment of LTC coverage. (health care reform)(long-term care insurance)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- November 8, 1993
- Author:
CopyrightCOPYRIGHT 1993 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON--Health insurers are applauding President Clinton for clarifying the tax treatment of long-term care insurance as part of his health care reform plan.
"The current uncertain tax treatment of long-term care insurance is a hindrance to market acceptance and raises the price of the product," said Richard W. Garner, group vice president and actuary with CNA, in a statement submitted to the House Ways and Means Subcommittee on health.
"Clear tax rules will add legitimacy to, and further the establishment of, the long-term care insurance market," he said.
The president's plan specifies that amounts received under a qualified long-term care ...