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
Insured, or an applicant for insurance, with lower expectation of incurring a loss than the standard applicant. For example, an applicant for life insurance who does not smoke can usually ...
Record of ordinary policies that a combination agent is responsible for servicing. ...
Professional designation conferred by the American College. In addition to professional business experience in insurance planning and related areas, recipients must pass national ...
Reinsurance clause that stipulates that the reinsurer will be subject to the same fate as the ceding company. ...
Return of a prorated portion of premium after a policy is canceled by the insurer. Under most property and liability insurance policies, the insurer can cancel at any time but must return ...
Claim by the pension benefit guaranty corporation (PBGC) against an employer for reimbursement of the PBGC's loss (for a terminated plan) up to 30% of the net worth of the employer. If this ...
Losses representing claims not paid. ...
Home office underwriter who evaluates risk based on probability, statistics, and medical knowledge. ...
Arrangement in which a re insurer makes payments to an insurer whose losses exceed a predetermined retention level. Non proportional reinsurance is either facultative or automatic. ...
Have a question or comment?
We're here to help.