WebMay 12, 2024 · THE 7702 CHANGE In a nutshell, 7702 sets limits around how life insurance policies must be designed in order to qualify for their tax treatment. The rules in section 7702 are designed to put financial limits on what qualifies as permanent life insurance. WebPurpose of form: to meet the federal income tax law’s requirement for a certification by a licensed health care practitioner, for deducting the cost of “qualified long term care services” as medical expenses.1The law also requires that such care be provided pursuant to a plan of care prescribed by a licensed health care practitioner.

Purchasing a Long-Term Care Rider: What to Know Kiplinger

WebI.R.C. § 7702 (b) (1) In General — A contract meets the cash value accumulation test of this subsection if, by the terms of the contract, the cash surrender value of such contract … Web(a) Scope. The definitions and special provisions of this section apply solely for purposes of determining whether an insurance contract (other than a qualified long-term care insurance contract described in section 7702B(b) and any regulations issued thereunder) is treated as a qualified long-term care insurance contract for purposes of the Internal Revenue Code … bridge house bakery whaley bridge

[4830-01-u] DEPARTMENT OF THE TREASURY …

Web1 7702B long-term care riders Section 7702B is the primary tax code authority when it comes to long-term care insurance — whether it’s a stand-alone policy or a long-term care rider on a permanent life insurance policy. Section 7702B defines a qualified long-term care contract and treats it as an accident and health insurance contract. WebThe first rate is the Section 7702 Valuation Interest Rate, which is the prescribed maximum valuation interest rate used for computing statutory reserves for life insurance contracts with a guarantee duration of more than 20 years, as defined in the National Association of Insurance Commissioners’ Standard Valuation Law. Webbenefit plan providing medical care (as defined in section 213(d) of title 26) to participants or beneficiaries directly or through insurance, reimbursement, or otherwise. Such term shall not include any plan substantially all of the coverage under which is for qualified long-term care services (as defined in section 7702B(c) of title 26). can\u0027t find password for brother printer