Illinois Administrative Code › Title 50 - INSURANCE › Part 2012 - LONG-TERM CARE INSURANCE › Exhibit G - Things You Should Know Before You Buy Long-Term Care Insurance

Current through Register Vol. 48, No. 28, July 12, 2024
Long-Term Care Insurance
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A long-term care insurance policy may pay most of the
						  costs for your care in a nursing home. Many policies also pay for care at home
						  or other community settings. Since policies can vary in coverage, you should
						  read this policy and make sure you understand what it covers before you buy
						  it.
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[You should not buy this insurance policy unless you
						  can afford to pay the premiums every year.] [Remember that the company can
						  increase premiums in the future.] [For single premium policies, delete this
						  bullet; for noncancellable policies, delete the second sentence only.]
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The personal worksheet includes questions designed to
						  help you and the company determine whether this policy is suitable for your
						  needs.
Medicare
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Medicare does not pay for most long-term care
Medicaid
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Medicaid will generally pay for long-term care if you
						  have very little income and few assets. You probably should not buy this policy
						  if you are now eligible for Medicaid.
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Many people become eligible for Medicaid after they
						  have used up their own financial resources by paying for long-term care
						  services.
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When Medicaid pays your spouse's nursing home bills,
						  you are allowed to keep your house and furniture, a living allowance, and some
						  of your joint assets.
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Your choice of long-term care services may be limited
						  if you are receiving Medicaid. To learn more about Medicaid, contact your local
						  or State Medicaid agency.
Shopper's Guide
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Make sure the insurance company or insurance producer
						  gives you a copy of a book called the National Association of Insurance
						  Commissioners' "Shopper's Guide to Long-Term Care Insurance." Read it
						  carefully. If you have decided to apply for long-term care insurance, you have
						  the right to return the policy within 30 days and get back any premium you have
						  paid if you are dissatisfied for any reason or choose not to purchase the
						  policy.
Counseling
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Free counseling and additional information about
						  long-term care insurance is available through your State's insurance counseling
						  program. Contact your State insurance department or Department on Aging for
						  more information about the senior health insurance counseling program in your
						  State.
Facilities
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Some long-term care insurance contracts provide for
						  benefit payments in certain facilities only if they are licensed or certified,
						  such as in assisted living centers. However, not all states regulate these
						  facilities in the same way. Also, many people move to a different state from
						  where they purchased their long-term care insurance policy. Read the policy
						  carefully to determine what types of facilities qualify for benefit payments,
						  and to determine that payment for a covered service will be made if you move to
						  a state that has a different licensing scheme for facilities than the one in
						  which you purchased the policy.