Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-83 - Long-term care insurance rules › Section 284-83-175 - Disclosure form

Current through Register Vol. 24-14, July 15, 2024
The following form of disclosure must be used in this
				state.
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 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.]
Note: For single premium policies, delete this bullet;
				for noncancellable policies, delete the second sentence only.
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 policies 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.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.83.070,
				  48.83.110,
				  48.83.120,
				  48.83.130(1), and
				  48.83.140(4)(a).
				  08-24-019 (Matter No. R 2008-09), §
										284-83-175, filed 11/24/08,
				  effective 12/25/08.
Reviser's note:
The brackets and enclosed
				  material in the text of the above section occurred in the copy filed by the
				  agency.