For purposes of this section, the term “qualified benefit” means any benefit which, with the application of subsection (a), is not includible in the gross income of the employee by reason of an express provision of this chapter (other than section
106
(b),
117,
127, or
132). Such term includes any group term life insurance which is includible in gross income only because it exceeds the dollar limitation of section
79 and such term includes any other benefit permitted under regulations. Such term shall not include any product which is advertised, marketed, or offered as long-term care insurance.