LTC is in its infancy,TucsonJesse, compared to other types of insurance. If you purchase an individual policy through a company licensed in your state, you are protected by the state laws. Most states write their laws using the National Association of Insurance Commisioners (NAIC) model law as a guide. If the company bites the dust, then another company writing that type of business will pick up your policy. It is done usually on a rotational basis so you never know what company will pick it up, but the benefits in your contract are secure. Many states assess a premium tax that provides a fund for this purpose. Self funded programs do NOT come under the state laws and neither do group type plans purchased through some type of fraternal orginization. They generally issue a certificate of insurance and not a policy. The NAIC has a really good booklet available through your local Insurance Commisioners office on LTC. Be very careful of the salesmen; From what I've seen here in NV, many aren't telling their prospective clients if the plan is a tax qualified one or not. Some states have incentive programs for citizens to purchase LTC, so a call to your Insurance Commisioners office would be a good idea.
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