What is the NAIC long-term care Model Act?

The purpose of this Act is to promote the public interest, to promote the availability of long-term care insurance policies, to protect applicants for long-term care insurance, as defined, from unfair or deceptive sales or enrollment practices, to establish standards for long-term care insurance, to facilitate public …

What is the long-term care insurance shopper’s guide called?

The National Association of Insurance Commissioners (NAIC) also publishes a booklet called “A Shopper’s Guide to Long-Term Care Insurance.” It is available by calling the California Department of Insurance at 1-800-927-HELP (4357).

What are NAIC rules?

The NAIC Model Laws, Regulations, and Guidelines (available in the library) contains documents promulgated by the National Association of Insurance Commissioners as proposed statements of insurance laws that should be adopted by the 50 states.

How many consecutive months of coverage must LTC insurance provide in this state?

“Long-term care insurance” means any insurance policy or rider advertised, marketed, offered or designed to provide coverage for not less than twelve (12) consecutive months for each covered person on an expense incurred, indemnity, prepaid or other basis; for one or more necessary or medically necessary diagnostic.

What is the name of the NAIC model legislation that most states have adopted?

The National Association of Insurance Commissioner (NAIC)’s model data security law (“Model Law”) was recently adopted by Maine and North Dakota.

What is the NAIC mandated loss ratio?

The ACA requires health insurers in the individual and small group markets to spend at least 80% of their premium revenues on clinical care and quality improvements. For the large group market, the MLR requirement is 85 percent.

What is the purpose of the Shopper’s Guide?

Which three levels of care are long-term care policies provided with?

Care usually is provided in one of three main stages: independent living, assisted living, and skilled nursing. Nursing homes offer care to people who cannot be cared for at home or in the community. They provide skilled nursing care, rehabilitation services, meals, activities, help with daily living, and supervision.

What is the minimum benefit period that must be offered by a long-term care policy?

Long-term care insurance policies provide coverage for at least 12 months.

Which of the following types of care is excluded in a long-term care policy?

Most long-term care insurance policies permanently exclude benefits being paid for certain conditions. Watch out for common conditions excluded, such as certain forms of heart disease, cancer or diabetes. Other exclusions include: Mental or nervous disorders, not counting Alzheimer’s or other dementia.

Are there NAIC model laws for long-term care insurance?

As you read through this Shopper’s Guide, you will find several references to NAIC model laws or regulations related to long-term care insurance. Check with your state insurance department to find out if your state has enacted these NAIC models. National Association of Insurance Commissioners 1100 Walnut Street Suite 1500

Why is there a shopper’s Guide for long-term care insurance?

Most states’ laws require insurance companies or agents to give you this Shopper’s Guide to help you better understand long-term care insurance and decide which, if any, policy to buy. Some states produce their own shopper’s guide. Take a moment to look at the table of contents and you will see the questions this Shopper’s Guide answers.

Is there a consumer guide for long-term care insurance?

Some state insurance departments prepare a consumer guide for long- term care insurance each year (see Texas guide at left).

Who wrote this shopper’s Guide for long-term care?

(NAIC) wrote this Shopper’s Guide to help you understand long-term care and the insurance options that can help you pay for long-term care services. The decision to buy long-term care insurance is very important. You should not make it in a hurry.