What Is The Difference Between A Qualified And A Non-Qualified Plan?

Benefits paid by a qualified longterm care plan generally are not taxable as income. Benefits from a nonqualified longterm care plan may be taxable as income. Check with your tax advisor about the possibility of deducting a portion of the premiums paid in addition to the individual tax consequences involved.

Other Missouri Insurance FAQs

Q: What Is The Missouri Definition Of An Insurance Agent?
A: An agent is a natural person, partnership or corporation appointed by an insurer to solicit and negotiate insurance contracts on its behalf, regulated by the Missouri … More
Q: What Is An Agent?
A: An agent is a licensed representative of an insurance company who solicits, negotiates, or effects contracts of insurance and provides service to the policyholder for … More
Q: What Is A Broker?
A: A Broker is an individual, partnership or corporation who, for compensation, (not being a licensed agent for the company in which a policy of insurance is placed) acts … More
Q: What Is An Application?
A: An application is a signed statement of facts requested by the insurance company on the basis of which the company decides whether or not to issue the coverage. The … More
Q: What Are The Necessary Qualifications To Become A Broker?
A: The following qualifications must be met in order to become a Broker: 1. Must be a citizen of the United States of America. 2. Must be of good moral character and not … More
Q: What Is An Assignment?
A: An assignment is the signed authorization by the policyholder for the insurance company to pay benefits directly to the hospital, doctor, or other provider.
Q: What Is A Legal Service Representative?
A: A legal service representative is an individual appointed to represent a legal service insurance corporation that has been authorized by MDI to conduct a prepaid legal … More
Q: What Is A Beneficiary?
A: A beneficiary is the person designated or provided for by the policy terms to receive the proceeds upon the death of the insured.
Q: What Are Benefits?
A: Benefits are the dollar amount payable by the insurance company to the claimant, assignee, or beneficiary under any valid policy.
Q: How Long Does A Company Have To Settle A Claim?
A: The UNFAIR CLAIMS SETTLEMENT PRACTICES ACT gives a company 30 days to investigate a claim, with some exceptions. The insurer should provide the necessary claim forms … More