Long-Term Care Improvement Act of 2006 - Expresses the sense of Congress that: (1) the Own Your Own Future long-term care awareness campaign should be expanded and implemented in all states; and (2) the Administration on Aging should distribute the document entitled "Long-Term Care Planning Kit" published by the Department of Health and Human Services as part of such campaign.
Directs the Secretary of Health and Human Services to designate a day each year as the Day for a National Conversation on Long-Term Care.
Establishes the Long-Term Care Financing Commission to conduct analyses of the financing of long-term care, including the financing of nursing facilities. Requires the Medicare Payment Advisory Commission to consider the operating margins, government funding, and quality improvement efforts of skilled nursing facilities in making its payment rate recommendations for such facilities.
Amends the Internal Revenue Code to: (1) allow individuals a tax deduction for long-term care insurance premiums; (2) allow long-term care insurance to be offered in cafeteria plans and flexible spending arrangements; and (3) make certain consumer protection provisions applicable to long-term care insurance contracts.
Amends title XVI (Supplemental Security Income for the Aged, Blind, and Disabled) of the Social Security Act to repeal limitations on the eligibility of residents of certain small publicly-operated community residences for supplemental security income benefits.