WHY TOP LTC LAWYER SAYS SHOP CAREFULLY FOR LONG-TERM CARE
With heightened media attention on Long-Term Care insurance and baby boomers turning 60, Frank N. Darras, the nation's leading bad faith insurance lawyer advises consumers to shop very carefully.
The insurance industry is offering a variety of feature rich Long-Term Care insurance policies, targeted at over 75 million Americans who are over 50. Every year, this number increases by 4 million, says Darras.
"Choosing a Long-Term Care insurance policy is a decision that will impact the quality and type of medical care you receive as you age," says Darras. Why not be a smart insurance shopper? Know what you're buying and how to use what you paid so dearly for when claim time rolls around.
Darras suggests:
-- If you have enough liquid assets to cover rising medical costs
directly, you may not want to spend money on Long-Term Care premiums
-- If you want to invest in Long-Term Care, choose the right type of
policy to buy: a stand alone comprehensive policy; as a rider to your
life insurance policy; as a conversion option to your disability policy
when you retire; or a single premium annuity that funds the Long-Term
policy
-- How long has the company been selling Long-Term insurance? Do they
sell in all 50 states? How many policies do they have in force? Does
the agent or broker own the Long-Term Care policy he or she is trying
to sell you? If not, why not?
-- Research the Long-Term Care insurance carrier and choose the one with
the finest claim paying history and the fewest premium rate increase
requests
-- Remember these policies have been oversold, under priced and may be
actuarially unsound so be smart and don't buy a ticking time-bomb that
blows up before you can use it
-- Cheaper premiums from a company you don't recognize will do you no
good at claim time if the Company has gone out of business
-- If you are wrongfully denied your insurance benefits, know your
consumer rights and remedies and find competent top legal counsel that
specializes in Long-Term Care litigation. Will the lawyer offer free
consultation? Free advice? Free policy analysis? Free claim evaluation?
Examine the different benefit categories: nursing home, in-home care and assisted living/adult day care. Be familiar with your policy's definition of the activities of daily living (ADLs), says Darras.
"Look for policies that pay for all three categories including care by non-professionals, such as family members or friends," Darras says. "These are the policies that get the most use."
Finally, read through your policy when you get it so you understand how it works. Have your agent/broker translate any legalese into plain English. Know how to make your claim stick with free legal advice and where to get "real help" if your carrier wrongfully denies, says Darras. The last thing anyone needs is insurance claim problems.
Every year, Generation X, Baby Boomers and Senior Boomers pay billions of dollars in insurance premiums; the Insurance industry should honor what they sold us and timely pay what they promised.
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