NEWS RELEASE
Pearl W. Stanley, CFCS
County Extension Agent
Family and Consumer Education
Bolivia, NC 28422
June 10, 1999
If you are considering long-term care insurance, you need to know your rights. The Seniors' Health Insurance Information Program (SHIIP), together with North Carolina Division of Aging, has developed a Consumer Bill of Rights for Potential Buyers of Long- Term Care Insurance to help individuals make informed decisions about the purchase of long- term care insurance.
Before purchasing long-term care insurance, you should know your rights. For example, you have the right to know that the company is licensed by the Office of the North Carolina Insurance Commissioner to sell long-term care insurance in this state, and the policy being offered has been approved. You can obtain this information by calling SHIIP Toll Free at 1-800-433-9354 to speak with a counselor.
If someone approaches you about long-term care insurance, they should provide a copy of the most current publication of the Shopper's Guide to Long-Term Care Insurance from the National Association of Insurance Commissioners (NAIC). The guide includes a suitability worksheet to help you decide if long-term care insurance is right for you. SHIIP also provides additional publications including the North Carolina Guide to Long-Term Care Insurance, which may aid in your decision.
Many people do not know they have the right to cancel the policy in the first 30 days and receive a full refund. You do not have to give a reason for canceling the policy. After the 30-day "free look" period has expired, the company is no longer required to refund your premium in full. You also have the right to know what will happen if you cancel the policy after the first 30 days.
When looking at a potential long-term care insurance policy, you have the right to understand what benefits are covered, how you will qualify for benefits and under what conditions benefits would end. Trained SHIIP counselors are available across the state to answer you questions and provide written materials to assist you in deciding on a long-term care insurance policy.
These are just a few of your rights highlighted in the Consumer Bill of Rights for Potential Buyers of Long-Term Care Insurance. You can get a full list of rights by calling the SHIIP Toll Free Line at 1-800-443-9354.
"Purchasing long-term care insurance can be complicated," says North Carolina Insurance Commissioner Jim Long. "SHIIP counselors can provide the information you need to help with these decisions."
In addition to long-term care insurance, SHIIP offers information on Medicare, Medicare supplements and Medicare+Choice. SHIIP also trains volunteers in local communities to be available for free, one-on-one counseling sessions. To reach a SHIIP counselor in your area, contact Pearl W. Stanley, CFCS, County Extension Agent, Family and Consumer Education, with the Brunswick County Center of the North Carolina Cooperative Extension Service at 253-2610. Employment and program opportunities are offered to all people regardless of race, color, national origin, sex, age, or disability.
Please e-mail Pearl Stanley, CFCS, County Extension Agent, Family and Consumer Education for further information or assistance.
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Date Created 6/14/99
Last Revised 6/14/99