A bill to amend the Internal Revenue Code of 1986 to provide for the establishment of individual medical accounts to assist in the payment of long-term and catastrophic medical care expenses, to provide that the earnings on such accounts will not be taxable, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide for the establishment of tax-exempt individual medical accounts created to pay the qualified long-term care expenses and qualified catastrophic care expenses of an individual. Grants a tax exclusion for distributions from such accounts for qualified expenses. Requires qualified long-term care insurance to be treated as accident and health insurance for purposes of: (1) taxation of life insurance companies; and (2) exclusion for benefits received under such insurance and for employer contributions for such insurance.…