Frequently Asked Questions
Why do I need a consultation? What topics will be covered?
Your long term care policy is an extremely valuable asset. Despite the large sums of money involved with these policies, many policyholders know very little about what their policy covers, how it works, or how and when to activate it. The purpose of our consultation is to answer all of these questions.
Within the consultation period, one of our attorneys will go through the different coverages and benefits of your policy. They will discuss the elimination period and will provide some strategies for efficiently satisfying it. They will also help you determine whether you are already claim eligible and advise you on whether its prudent to activate your policy now or wait.
When dealing with assets of this magnitude it is best to consult with an expert before taking any action that may jeopardize your claim or reduce your policy benefits. Mistakes can be catastrophic and extremely costly. This is why it is it is essential to consult with a professional.
What do you need for a consultation?
In order to give you the most comprehensive consultation, we suggest that you provide us with the following:
- A complete and up-to- date copy of your policy.
- Any denial letters (if applicable).
- Any correspondence between your self and the insurance company that you would like reviewed. (This includes options given by the insurnce company to reduce premiums in exchange for a reduction of benefits.)
You can send us copies of all these documents via fax, email or standard mail.
My insurance premiums are going up, what can I do?
This is probably the most frequently asked question we receive. Long term care insurance policies are guaranteed renewable policies. That means, that as long as you pay premiums your insurance company cannot deem you uninsurable regardless of your health status. This is of great benefit to you, but also comes with a catch. The catch is that the insurance company can continue to raise your premiums. So, then what can you do?
One option is, you can start using your policy. Most policies have what is called a
waiver of premium provision. That means that if you are claim eligible and start receiving claims benefits under your policy, then you are exempt from paying premiums.
Please note, that while this provision is very common in most policies, it is not universal.
The second option, is to reduce your policy benefits in exchange for a reduction in premiums. Many insurance companies offer a variety of options that you can choose from. In our experience, many of the options will not adequately cover the cost of your future care needs. We recommend a consultation before compromising your benefits as the wrong choice can have serious and severe consequences.
I have yet to be denied, what can you do for me?
The policy activation process can be daunting. Insurance companies require claim forms, medical records, and will in most cases insist on having their own nurses and medical practioners asses you. Many people will try and navigate this process on their own. Mistakes during any part of the process can and will result in delays or outright denials. Often times, delays and denials can mean thousands of dollars in out of pocket expenses until the issues are resolved. Our firm can help you get through the process in a more efficient manner. Our goal here is to avoid these issues all together and get you the care you need when you need it.
Which insurance companies have you dealt with in the past?
We have dealt with almost every longterm care insurance provider in the country. Such as, John Hancock, Genworth, Banker's Life, Transamerica, METlife, and Kanawha.