Long-Term Care Standards Act of 1993

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Tax Treatment of Long-Term Care Insurance Title II: Establishment of Federal Standards for Long-Term Care Insurance Long-Term Care Standards Act of 1993 - Title I: Tax Treatment of Long-Term Care Insurance - Amends the Internal Revenue Code to provide for the treatment of qualified long-term care insurance or plans as accident and health insurance or plans for purposes of insurance company taxation. (Sec. 102) Excludes from gross income benefits provided under a long-term care insurance contract. Includes in gross income employer-provided coverage for long-term care services. (Sec. 103) Allows a tax credit for a percentage of eligible long-term care premiums. (Sec. 104) Includes amounts paid for qualified long-term care services as medical expenses for individual itemized deductions. Includes any parent or grandparent as a dependent for purposes of such expenses. (Sec. 105) Requires long-term care insurance contracts to use a one-year full preliminary term tax reserve method. (Sec. 106) Excludes from gross income certain amounts withdrawn from individual retirement accounts and certain employer cash or deferred arrangements to pay long-term care premiums…