Published April 11 2010
North Dakota offers tax credit for care insuranceBISMARCK – Gov. John Hoeven and Insurance Commissioner Adam Hamm are encouraging North Dakota residents to plan for the future by looking into long-term care insurance.
According to a news release submitted by the insurance department, nearly three of every four people will need long-term care services during their lives. The average cost for nursing facility care in North Dakota is more than $71,000 a year.
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, help pay for assistive devices and cover basic care, and assisted-living facility and nursing home care.
To encourage the purchase of long-term care partnership policies, a bill was passed during the 2009 North Dakota legislative session that allows for an annual $250 North Dakota income tax credit for policies issued after Jan. 1, 2007.
For information about qualifying policies, call (800) 247-0560 or e-mail email@example.com.