How Do I Activate My Long Term Care Insurance?
According to the Administration for Community Living statistics, people above 65 have a 70% chance of requiring long-term care. The cost of long term care insurance will vary depending on age, health, gender, marital status, insurance company, and amount of coverage covered by the policy.
Reviewing Insurance Policies
Selecting an insurance policy for long-term care is one of the biggest problems older adults face. Every insurer must mention the Outline of Coverage, including the description of principal benefits, statement of principal exclusions, statement of renewal, and limitations in the policy. You must review the policy and check whether or not it is restricted to receiving benefits in a nursing home.Your insurance policy should not contain a clause for preexisting conditions. Suppose your policy contains post confinement, post-acute care, or recuperative benefits. In that case, it must be specified in a separate paragraph of the policy or certificate entitled "Limitations or Conditions on Eligibility for Benefits." No insurance policy can charge an excess premium based on the policyholder's age. You can return the policy within 30 days and refund the premium if you are not satisfied with the policy. The policy should have an elimination period of fewer than 180 days.
Choosing a Care Plan
After reviewing the policy and getting a checkup to prepare medical documents, the most important step is choosing a care plan. Your care plan will differ based on whether you are looking for nursing home care or home facilities.Claiming Long Term Care Insurance
According to the American Association for Long-Term Care Insurance, around $11.6 billion was paid to 325,000 claimants. However, in many such cases, claimants required legal advice and support. Hence, you must hire a competent attorney to claim your long-term care insurance policy. An insurer can only deny the claim if you fail to satisfy the elimination period or suffer from a preexisting condition. Claims can be filed by the policyholder or through a legal representative with the help of Durable Power of attorney.You must request that your insurance company send a claim form by post or online. The insurance company will require some documents on your behalf. These documents include:
- A statement from the attending physician
- A Detailed Care Plan by a nurse
- Written invoices stating that the elimination period has been satisfied
- A letter by a medical professional stating that you are unable to perform activities of daily living
- Claimant statement explaining the reasons for submitting the claim
Once all these documents are submitted, the department responsible for claims will call you to verify your information. The claim will be denied if you cannot pay the premium of the policy.
A Registered Nurse scheduled by the insurance company will visit you in person to assess the information you provided. If the details provided by you are correct, you will be granted the benefits of your policy.
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Posted - 03/01/2022
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