Private Long-Term Care Insurance and Accelerated Death Benefit Incentive Act of 1991

[AI summary unavailable — showing source text] Private Long-Term Care Insurance and Accelerated Death Benefit Incentive Act of 1991 - Amends the Internal Revenue Code to provide for treatment of: (1) long-term care insurance contracts to be treated as accident or health insurance contracts; (2) amounts received under such contracts with respect to qualified long-term care services as amounts received for personal injuries or sickness; and (3) employer plans providing such services as an accident or health plan. Includes amounts paid for qualified long-term care services as medical expenses for individual itemized deductions. Excludes benefits received under such contracts from gross income. Provides for the treatment of prefunded post-retirement long-term care benefits plans in the same manner as prefunded post-retirement medical and life insurance benefit plans. Permits qualified long-term care insurance contracts to be offered in cafeteria plans (plans which offer two or more benefits). Allows the tax-free exchange of life insurance contracts for long-term care insurance contracts. Provides for the treatment of amounts paid to a terminally ill individual or one who is chronically ill and confined to a qualified facility as de…