In a press release from Topeka, Kansas, the state Commissioner for insurance has urged the state’s residents to look into long-term care insurance as they struggle to get out of economic hardships. Most Kansans are currently looking at funding for future financial obligations such as saving for retirement rather than saving for short term needs. The Commissioner reiterated the fact that almost 6 out of 10 Kansans will need long term-care at one point in their lives. The advances in medicine and health care provision have helped people to live longer than they did before which makes it imperative to save for the future. The need for long term care insurance will depend on one’s income and potential risk factors, the Commissioner added. He reminded the state residents to ensure that the long-term care insurance policies they purchase strictly adhere to the standards set by the National Association of Insurance Commissioners (NAIC). A few of the standards include:

• A minimum of 1 year nursing home or home care coverage
• Ensure that the policy covers for Alzheimer’s disease should it occur after buying the policy
• Protection against inflation by allowing the policyholder to increase the initial benefit level automatically every year.
• A non-cancellation and non-renewal guarantee.
• 30 day refund guarantee.

The Commissioner advised Kansans that with such guarantees they should also look into ways of protecting their assets for the sake of their heirs. One of the initiatives established to this effect by the Kansas Insurance Department three years ago is the Kansas Partnership for Long-Term Care which encourages Kansans to partner with it in their efforts to purchase long-term care insurance policies. Qualified partnership in long-term care insurance will be beneficial to Kansans as they will be able to determine how and where to receive assisted care with ease. Should the policy run out their assets will still be protected by applying for Medicaid services. The Commissioner encouraged Kansans to explore such plans in their quest for long-term care needs. The partnership plan promotes personal responsibility by emphasizing on financial planning. There are currently 8,350 Kansas partnership policies in which close to 93% of policyholders are aged below 70 years.