North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-06 - Accident and Health Insurance › Chapter 45-06-05.1 - LONG-TERM CARE INSURANCE MODEL REGULATION › Appendix C - Disclosure Form

Current through Supplement No. 393, July, 2024
Things You Should Know Before You Buy Long-Term Care
				  Insurance Long-Term Care
.
A long-term care insurance policy may pay most of the costs
				  for your care
Insurance
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.
* [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 your local or
				  state Medicaid agency.
Shopper's Guide
. Make sure the insurance
				  company or agent 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
. Free counseling and additional
				  information about long-term care insurance
are 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
. 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 into 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.