Long-term care insurance pays the cost of nursing home care or home health services to policyholders who are no longer able to care for themselves. It may also pay for care in assisted living facilities and adult day care centers.
Long-term care insurance provides a wide-range of medical and support services for individuals with degenerative conditions, prolonged illnesses, or cognitive disorders. While typically providing care for older individuals, long-term care polices may also provide coverage for long-term care which is needed as a result of an accident or illness which tends to affect younger individuals (such as multiple sclerosis).
The care covered by long-term care insurance policies include providing assistance with the activities of daily living, which includes activities such as bathing, dressing, and eating.
This year, about 9 million Americans over the age of 65 will need long-term care services. By 2020, that number will increase to 12 million. Forty (40) percent of people currently receiving long-term care are adults aged 18 to 64 years old. (U.S. Department of Health and Human Services /www.longtermcare.gov/LTC).
Long-term care insurance has been one of the fastest-growing types of insurance sold in recent years. Over 100 insurance companies now sell long-term care policies. Unfortunately, years ago, insurance companies oversold long-term care insurance polices at a price that wouldn't support the future payment of benefits. Now that policyholders are aging and need to claim their benefits, some insurance companies are engaging in bad faith practices in order to maximize their own profits. Sadly, senior citizens are left financially destitute when their long-¬term care insurance claims are denied and they must pay the crushing cost of nursing home care out of their own pockets.
Unlike many other types of insurance premiums, long-term care insurance premiums can increase. As policyholders grow older, premium costs can increase at an enormous rate. Often, senior citizens on fixed incomes can no longer afford the premiums and must let their long-term care insurance policies lapse.
In addition to raising policyholders' premiums to unbearable amounts in order to force a policy lapse, insurance companies attempt to reduce benefits payments to policyholders in many ways.
The process of obtaining payment for a claim can be extremely difficult, frustrating and time consuming. Insurance companies often inundate policyholders with confusing and burdensome paperwork. People in need of these insurance benefits often do not have the strength or ability to fight with their insurance company, and are often cognitively impaired.
Long-term care insurance companies will also deny claims based upon the "fine print" in their policies pertaining to the conditions under which benefits are to be paid. Insurance companies will interpret plan terms to advance their own interests and to deny or limit benefits. Some insurance companies will engage in tactics such as denying receipt of documents sent to them by the insured, utilizing biased doctors and nurses to justify denial of claims, and even ignoring, or failing to advise insureds about benefits to which they are entitled.
If you or a loved one have been victimized by a long-term care insurance company, we can help. Our attorneys and staff members will take the time to listen to your problems and help you sort out the issues involved in your case.
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