What qualifies as certified long-term care insurance?

The coverage must provide meaningful financial assistance in the event the insured needs home-based or nursing home care. Long-term care insurance can be one of the following:  

• A qualified long-term care insurance contract under IRC Section 7702B
• A life insurance or annuity contract with a rider or other provision that covers qualified long-term care services and is treated as a separate long-term care insurance contract under IRC Section 7702B
• A life insurance contract with a rider or other provision providing accelerated death benefits to pay the costs of qualified long-term care services if the insured becomes chronically ill