My policy says, "This is NOT intended to be a Tax-Qualified Long-Term Care Insurance policy under Section 7702B(b) of the Internal Revenue Code, as enacted by "The Health Insurance Portability and Accountability Act of 1996". Benefits received under this policy may be taxable as income.
Should I be concerned with this phrasing?
The policy is from Bankers Life and is "Long Term Care Insurance" " Facility Care and Home and Community Based Care Benefits"
I read thorough
RCW 48.83.020 and it seems to fit even though it's not tax qualified.
"(5) "Long-term care insurance" means an insurance policy, contract, or rider that is advertised, marketed, offered, or designed to provide coverage for at least twelve consecutive months for a covered person. Long-term care insurance may be on an expense incurred, indemnity, prepaid, or other basis, for one or more necessary or medically necessary diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services, provided in a setting other than an acute care unit of a hospital. Long-term care insurance includes any policy, contract, or rider that provides for payment of benefits based upon cognitive impairment or the loss of functional capacity."
BTW, I really appreciate all the help provided by this forum. Thanks!