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
Those claims that arise when two or more property and casualty insurance companies have coverage on a loss. Which company then owes which portion of the claim must be determined. ...
Method of depreciating an asset in which its useful life is divided into an appropriate number of years (or other periods), the final salvage value is deducted, and the asset is written off ...
Actuarial method of crediting retirement benefits earned and the costs associated with these earned retirement benefits. An increment (unit) of benefit is credited for each year of ...
Government reinsurance program that provided coverage for U.S. properties during World War II. Private insurers shared the first layer of coverage, with the government providing ...
Additions of new entrants into an employee benefit insurance plan. ...
Coverage through an endorsement to the personal automobile policy (pap) to extend its protection against accidents within a 25 mile radius of the U.S. border. This coverage is excess over ...
Organization of home service debit life insurance companies and combination companies. ...
Projected percentage of the earned premiums that will be required by the insurance company to pay for the incurred losses plus the loss adjustment expense. ...
Confirmation by an insurance company of the acts of its agent, regardless of whether or not these acts were committed within the limit of authority granted the agent by the company. By so ...
Have a question or comment?
We're here to help.