Nevada Administrative Code › Chapter 687B - Contracts of Insurance › CONTRACTS FOR LONG-TERM CARE › Section 687B.0575 - Standards of suitability: Insurer to provide form regarding long-term care insurance

Current through June 11, 2024
When an insurer or its agent provides the worksheet described
				in subsection 9 of NAC 687B.056 to an applicant, the insurer or its agent shall
				provide to the applicant a form entitled "Things You Should Know Before You Buy
				Long-Term Care Insurance," which must be printed in not less than 12-point type
				and which must contain a statement in substantially the following form, set out
				conspicuously in the following format:
THINGS YOU SHOULD KNOW BEFORE YOU BUY LONG-TERM CARE
				INSURANCE
Long-Term Care Insurance
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 in other community settings. Since policies can vary in coverage, you should
						  read this policy and make sure you understand what it covers before you
						  purchase the policy.
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.
The personal worksheet includes questions designed to
						  help you and the company determine whether this policy is suitable for your
						  needs.
Medicare
Medicare does not pay for most long-term care.
Medicaid
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.
Many people become eligible for Medicaid after they have
						  used up their own financial resources by paying for long-term care services.
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.
Your choice of long-term care services may be limited if
						  you are receiving Medicaid. To learn more about Medicaid, contact the Division
						  of Health Care Financing and Policy of the Department of Health and Human
						  Services.
Shopper's Guide
Make sure the insurance company or agent gives you a
						  copy of a booklet entitled "A Shopper's Guide to Long-Term Care Insurance" by
						  the National Association of Insurance Commissioners. 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 be refunded any premium you have paid if
						  you are dissatisfied for any reason or choose not to purchase the policy.
Counseling
Free counseling and additional information about
						  long-term care insurance are available through the Nevada State Health
						  Insurance Advisory Program of the Aging and Disability Services Division of the
						  Department of Health and Human Services. Contact the Aging and Disability
						  Services Division for more information about the Nevada State Health Insurance
						  Advisory Program.
Facilities
Some policies of long-term care insurance provide for
						  benefit payments in certain facilities only if they are licensed or certified,
						  such as in assisted living facilities. However, not all states regulate these
						  facilities in the same way. Also, many people move to a different state from
						  where they purchased their policy of long-term care insurance. 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 Nevada.
Added to NAC by Comm'r of
				Insurance by R121-07, 9-18-2008, eff. 10-1-2008
NRS
				  679B.130