S.D. Admin. R. 20:06:21 app F
Things You Should Know Before You Buy
Long-Term Care Insurance
Long-Term | . A long-term care insurance policy may pay most of the costs for your care in |
Care | a nursing home. Many policies also pay for care at home or other community |
Insurance | 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 | . Make sure the insurance company or agent gives you a copy of a book called |
Guide | 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 informa- | |
tion 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 to 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. |
S.D. Admin. R. 20:06:21 app F