Two Senate Bills Would Change Tax Code for Long Term Care and Self Employed.

Two bills were introduced this week in Congress that would change the tax code affecting health insurance,

The Long-Term Care Affordability and Security Act of 2009 (S.702) sponsored by Senator Chuck Grassley (R-IA) would amend the Internal Revenue Code of 1986 to allow long-term care insurance to be offered under cafeteria plans and flexible spending arrangements and to provide additional consumer protections for long-term care insurance. The bill is cosponsored by Collins (R-ME), Ensign (R-NV), Graham (R-SC), Johnson (D-SD), Klobuchar (D-MN), Lincoln (D-AR), Snowe (R-ME).

A second bill (S.725) introduced by Senator Jeff Bingaman (D-NM) is called the Equity for Our Nation’s Self Employed Act of 2009 and it would amend the Internal Revenue Code of 1986 to allow self-employed individuals to deduct health insurance costs in computing self-employment taxes. It is cosponsored by Senator Orrin Hatch

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