Problems Faced with Long Term Care Insurance
Even though they are highly regulated, insurance companies are in business to make a profit. Premiums across companies are fairly competitive so the way they make a profit is holding on as tightly to your money as they can. This usually means that when you have a claim, they make you jump through hoops to get your benefit. There are exclusions for this that you may of not been aware of. It can be maddening.
We have dealt with a lot of long term care insurance companies. In fact about 25-30% of our clients have long term care insurance. And for the most part they play by the rules. But I advise my clients to make sure they understand their loved one’s policy before they make a claim. Getting authorized to get your benefits from a long term care policy differs across policies and what they pay for differs as well. Some pay only for care at home, others both assisted living and home. Others won’t pay for care at a nursing home.
How to Better Prepare Yourself Before Making a Claim
We created our "Long Term Care Insurance Guide: Your guide to getting the benefits that you’ve paid for" to provide long term care insurance advice and tips that give you guidance on things like elimination periods (sort of like a time based deductible), what activities of daily living can you demonstrate you have needs performing, what are the dollar limits on coverage per day, week, month, etc.
So download your guide by clicking here on the cover below and make sure you're prepared when you go to file your claim.
Have more questions? Contact our specialists here.