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Hoeven, Hamm encourage North Dakotans to access long-term care insurance program tax credit
BISMARCK, N.D.-Gov. John Hoeven and Insurance Commissioner Adam Hamm today encouraged North Dakotans to plan for the future by looking into long-term care insurance and learning more about a state program that makes it more affordable to obtain. 

Nearly three out of every four people will need long-term care services during their lives. Planning in your 40s or 50s when long-term care insurance premiums are more affordable may help you save money, allow you to stay at home if you need long-term care and reduce future financial burden on yourself and your family. The average cost for nursing facility care in North Dakota is more than $71,000 a year. 

Through a special partnership program, North Dakotans may be able to retain assets they would normally be required to spend on long-term care. Individuals who purchase a long-term care insurance policy that qualifies for the North Dakota Long-Term Care Partnership Program can apply for Medicaid under special rules. These rules allow them to protect assets equal to the insurance benefits received from a partnership policy. 

"The Long-Term Care Partnership Program helps individuals buy long-term care insurance, which will help protect assets for their families that otherwise would go to pay for nursing care," Hoeven said. 

Long-Term Care Partnership policies issued after Jan. 1, 2007 also qualify for an annual $250 North Dakota income tax credit, thanks to a bill passed in the 2009 legislative session. 

"The credit is equal to the premiums you paid during the tax year, up to $250, or $500 if both spouses are insured by the policy," Hamm said. "If you purchased a long-term care insurance policy in 2009 that qualifies for the Partnership Program, be sure to claim the appropriate credit on your taxes before April 15." 

Hamm added that Medicare generally does not cover long-term care, and Medicaid only pays for people meeting income and asset rules. Long-term care insurance may include coverage for home care, provide reimbursement for loved ones who take time off work to help provide informal care, help pay for assistive devices and cover basic care, assisted living facility care and nursing home care. 

A list of policies qualifying for the Partnership Program is available on the Insurance Department website: 
www.nd.gov/ndins/consumer/longterm/approvedltc. For more information, consult your insurance agent, your county Social Services agency or the North Dakota Insurance Department at 1-800-247-0560 or insurance@nd.gov. 

North Dakota Insurance Department
600 E. Boulevard Ave.
Bismarck, ND 58505-0320
Phone 701.328.2440
Toll free 800.247.0560
Fax 701.328.4880

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