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Bill Proposes Tax Deduction for LTC Premiums Legislation with bipartisan support has been introduced calling for an above-the-line deduction for the cost of long-term care (LTC) insurance premiums, along with a $3,000 tax credit for qualified individuals and their caregivers for long-term care expenses. In addition, the legislation calls for inclusion of long-term care coverage in employer cafeteria plans and within flexible spending accounts (FSAs). Conditions for Recertification Under FMLA The Family Medical Leave Act (FMLA) allows an employer to request recertification from an employee every 30 days for pregnancy or for chronic or permanent/long-term conditions. However, there are other circumstances under which recertification would be appropriate, according to an opinion letter issued by the Wage and Hour Division of the U.S. Dept. of Labor (DOL). CDHC Plans Destined To Become Widely Adopted Consumer-driven health care (CDHC) plans, also known as defined contribution health plans, are coming to be seen "as an inevitable paradigm shift in health care" and are destined to become the next dominant form of health care insurance, according to a report issued by researchers at the University of Pennsylvania's Wharton School and consultants at Booz Allen Hamilton. HSAs Given Boost By IRS, Treasury Notice Taxpayers prevented from establishing health savings accounts (HSAs) because they reside in states where their health insurance plans fail to meet the federal requirements for a high deductible may find temporary relief in Notice 2004–43 issued by the Internal Revenue Service (IRS) and the U.S. Treasury Department. The Notice allows such individuals to contribute to HSAs until Dec. 31, 2005—giving states time to modify their laws to conform to the high deductible requirements. "Pharma" Industry Needs To Address Pricing Disparities The pharmaceutical industry must take the lead in addressing the disparity in drug prices between the U.S. and other developed nations, or face the potential of government price controls and an increased level of drug imports, according to "Progressions: Global Pharmaceutical Report 2004." Health Waiver Results In Reduced Coverage Section 420 of the Internal Revenue Code allows an employer to transfer surplus pension assets to a separate account to pay for current retiree health benefits. When individuals entitled to those health benefits accept their employer's offer to waive them in exchange for enhanced pension benefits, the employer has effectively reduced retiree health coverage and, as a result, could potentially violate Section 420, the Internal Revenue Service (IRS) has said in Revenue Ruling 2004–65. |
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