The history of long-term care insurance is marked by a series of federal regulations, including the NAIC Model Act and IRS Regulation 7702B, which aimed to standardize and simplify the process of purchasing and using long-term care insurance. The Pension Protection Act further expanded the options for consumers, allowing them to access the death benefit of a life insurance policy early to pay for long-term care. Despite the complexity of the regulations, experts like Hans Scheil emphasize the importance of planning for long-term care, regardless of income level or health status.
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