Whereas the rules and regulations governing long term care insurance can be complex, in most states, there are some standard guidelines which must be adhered to. Florida is no exception and policies are issued under strict rules and policies. In Florida, a long term care policy must cover at least two years of nursing home coverage. A policy must also provide coverage for what is known as a lower level of care, such as adult day care or home health care. The three basic levels of care are known as skilled, intermediate and custodial. Some long term care policies offer certain tax advantages, known as qualified policies. Although they tend to offer the same benefits as other types of policies, the eligibility requirements may vary on these qualified policies. If you are considering taking out a long term care policy, as with all major purchases, it pays to shop around. Compare premium amounts, level of service offered as well as any other features you may require. The coverage will be based upon your age, income level and general health. In Florida, you have the right to see a copy of your coverage in easy to understand terms. Long term care policies sold and issued in Florida cannot exclude coverage for named medical conditions or such conditions as dementia or Alzheimers. A long term care policy will typically not include coverage for such things as nervous disorders, drug addiction or attempted suicide. Under Florida law, you have certain other regulations that your insurance company must follow when you take out a long term policy. The insurance company cannot cancel your policy unless you simply dont pay your premiums or you do not disclose required information. State law in Florida also requires companies to offer protection against inflation on long term care policies. And Florida may soon have the strictest guidelines in the United States covering long term care insurance. A bill passed in early 2006 aims to protect current policy holders from huge rate increases as well as making long term care insurance affordable for all Floridians. |
