77-6102. Terms, defined.

171 words·~1 min read·/ne/chapter-77/77-6102

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

For purposes of the Long-Term Care Savings Plan Act:

(1)Long-term care expense means the cost of long-term care in a long-term care facility and the cost of care provided in a person's home when the person receiving the care is unable to perform multiple basic life functions independently;

(2)Long-term care insurance premiums means premiums paid for a long-term care insurance policy issued pursuant to the Long-Term Care Insurance Act that offers coverage to the individual, the individual's spouse, or another person for whom the taxpayer has an insurable interest;

(3)Participant means an individual who has entered into a participation agreement or established an account with a financial institution with which the State Treasurer has an agreement under subsection

(1)of section 77-6103 ; and

(4)Qualified individual means

(a)a person who incurred long-term care expenses during the taxable year or

(b)a person who turned fifty years of age or older during the taxable year who made payments for long-term care insurance premiums during the taxable year.