When do long term care
insurance benefits kick in?
As the AXA Equitable website explains, many long term care
insurance policies have a waiting period before benefits begin, even after
elderly individuals have been judged medically eligible. These periods vary between insurance
companies. Some are twenty days, others are thirty or sixty days. However, some
insurance policies have no waiting period at all, and seniors are eligible to
start receiving benefits on the first day they need care. It’s important to
know the details of your loved one’s policy so you’re aware of the waiting
period involved, if there is one. During
the waiting period, you’re responsible for paying for the patient’s care
yourself, whether your senior is in a nursing facility or receiving care at
home.
How do I file a claim
to receive benefits?
You should know how to file a claim before you’d like your
elderly loved one to receive long term care insurance benefits. In most cases,
filing a claim requires submitting a written letter to your insurance company.
In the letter, you’ll probably need to include a proof-of-loss form (which your
insurance company can provide you) as well as relevant medical records. Some
insurance companies require you to verify the person’s condition in writing
every 30 to 90 days. You may also need to have verification from a doctor who
has evaluated the elderly individual. These policies vary between insurance
companies, so check with your agent to make sure you know the details of the
claim submission process.
Long term care insurance is extremely beneficial to the
families of elderly individuals. If your senior is in need of long term care,
it’s important to research their insurance company’s specific policies to
guarantee that you’re able to receive the benefits of the policy as quickly as
possible.
I know from personal experience that my family wanted to be able to live with assisted living or be in a nice and comfortable nursing home. Other family members and friends wanted to keep their medicare benefits and asked to receive senior long term care solutions. Long term care is an option that allows you to be taken cared of with your daily living activities such as using the bathroom or dressing.
ReplyDeleteIf you are going to start a long term care insurance for your parents then you should remember the policy must be named under your parents as the insured. They will be the one who will have to meet the qualifications of the insurance company like medical tests and history. If you can afford the long term care insurance rates then you should get the policy for them.
ReplyDeleteGreat points. Thank you!
ReplyDelete