Long-Term Care policies or certificates issued in Louisiana are required to have?

Long-Term Care policies or certificates issued in Louisiana are required to have a nonforfeiture value. Nonforfeiture benefits are essential in ensuring that even if a policyholder stops paying premiums, they do not lose their accumulated benefits entirely. This requirement protects consumers by allowing them to retain a portion of their benefits, which may be critical for individuals who might have invested significant resources into their long-term care coverage.

In the context of long-term care insurance, nonforfeiture benefits provide peace of mind, as they ensure that policyholders will have access to certain benefits even if they must discontinue premium payments due to financial constraints or other reasons. This regulation is in place to offer better consumer protection in an industry where the cost of care can be significant and savings can diminish over time.

The other options, while valuable features in insurance policies, are not mandated by Louisiana law for long-term care policies. The inclusion of waivers of premium, benefit periods, or inflation riders depends on the specific policy and the discretion of the insurer and policyholder, rather than being a legal requirement.