Ohio law requires companies that sell long-term care insurance to give you information to help you protect yourself. The company must give you a whole range of information as listed below.
- Ohio Shopper's Guide to Long-Term Care Insurance: the company's name may be printed on the cover, but this booklet was written by the National Association of Insurance Commissioners (NAIC) and it has a lot of good information about long-term care insurance.
- An outline of coverage: a summary of the policy that explains what the policy will do and what it will not do.
- Notice of your 30 day free-look period. Even if you sign a contract and write a check, once you receive the policy you have 30 days to look it over and, if you change your mind, get a full refund.
- Company history of rate increases.
- Suitability standards. Because not everyone should buy LTC insurance, state law now requires a new form to be part of your application. The Personal Worksheet can help determine your ability to pay premiums and your reasons for buying.
- Nonforfeiture option required. Many policies already offered a nonforfeiture option prior to 2002; now Ohio requires it. This optional coverage (which may increase your premium) allows you to collect partial benefits if you stop paying premiums for any reason.