Long Term Care and Alzheimer's Disease Advancement Act of 2000 - Amends the Public Health Service Act to authorize the Director of the National Institute on Aging to establish and maintain the Alzheimer's disease Physician-Scientist program to enhance and promote the translation of new scientific knowledge into clinical practice toward the diagnosis, care, and treatment of individuals with Alzheimer's disease by promising clinicians through awards for research, study, and practice at centers of excellence in Alzheimer's disease research and treatment. Authorizes appropriations.

Directs the Medicare Payment Advisory Commission to study and report to Congress on reimbursement rates under Medicare (title XVIII of the Social Security Act (SSA)) to physicians for Alzheimer services.

Amends SSA title XVIII to cover as medical treatment under the Medicare home health agency benefit any participation by Medicare beneficiaries in an adult day care program for the therapeutic treatment of Alzheimer's disease or a related dementia.

Amends the Internal Revenue Code to: (1) allow a tax deduction in an amount equal to the applicable percentage of the amount of eligible long-term care premiums paid during the taxable year for coverage for the taxpayer, his spouse, and dependents under a qualified long-term care insurance contract; (2) permit qualified long-term care insurance contracts to be offered under cafeteria plans and flexible spending arrangements under certain conditions; and (3) allow a tax credit for the taxable year in an amount equal to the applicable credit amount multiplied by the number of applicable individuals with long-term care needs with respect to whom the taxpayer is an eligible caregiver for the taxable year.