North Carolina’s online resource for NC Long-Term Care Insurance. Whether you or someone you know has had a loved one enter a Nursing Home or Nursing Facility, you understand the enormous costs associated with Long-Term Care. A properly structured Long-Term Care Insurance Policy can make sure these costs are manageable. Whether you want to find out more about Long-Term Care Insurance, or if you are looking for an alternative to Long-Term Care Insurance, or to simply obtain a Long-Term Care Insurance Quote, you’ve come to the right place.
Long Term Care Insurance is designed to pay some or all the costs of nursing home, community or home health care when you cannot meet the needs of everyday living on your own. Long Term Care has always been an issue, however, as the population of the United States lives longer today than it did just 20 years ago, the need for Long Term Care has increased. Long Term Care Insurance has two purposes:
When purchasing Long Term Care Insurance, you should purchase as much coverage as you can reasonably afford. All too often, Long Term Care Insurance buyers will fail to ask the tough questions about the exact benefits their policy provides. There are agents and advertisements which prey on the Senior Market, while these practices tend to give all Advisors a bad name, there are honest and trustworthy Advisors that can help you understand the Long Term Care Insurance Policy.
The State of North Carolina is a progressive state when it comes to the regulation of Long Term Care Insurance. The following are requirements of all North Carolina Long Term Care Insurance Policies & North Carolina Long Term Care Insurance Sales & Practices.
The Health Insurance Portability And Accountability Act (HIPPA) of 1996 established that Long Term Care Insurance Policies meeting certain standards are referred to as federally “tax-qualified” plans and offer certain federal tax income advantages. The Act requires that the policy and the Outline of Coverage both state that the policy is a qualified Long Term Care Insurance Contract.
To be federally qualified, a Long Term Care Insurance Contract must meet the following criteria:
Consult with a tax advisor if you have questions about how tax qualified policies could affect you. Policies approved as Long Term Care Insurance before January 1st, 1997 are grandfathered under the HIPAA Act; therefore, premiums paid for these policies are also subject to favorable tax treatment.
The premium for a Long Term Care Insurance Policy are based on the following (assuming you qualify medically for a Long Term Care Insurance Policy):