I really want to buy long term care insurance, but I have read a lot of reviews where people's claims have been denied to no reason over and over again. Or they make it so difficult to collect that they just wear you down and you give up. This seems to apply to even the biggest companies like Mutual of Omaha and New York Life. Is there any company that will honor their LTC insurance contract without an arduous claims process? I don't want to be 90, in assisted living, and having to spend every day just trying to get claims paid.
Scared away by horrible reviews of LTC insurance
- Thread starter BoBs321
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kpbdy99
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Bob, any credible carrier is going to pay valid claims, period. There are a couple of "bad eggs," and I'm not going to name them here, but I can assure you that Mutual of Omaha and NYL are both excellent, reputable carriers, as are Thrivent, Nationwide, Securian, Northwesthern Mutual, and several others, who are all going to pay valid claims. I've been in this biz for 25 years, and I wouldn't be placing my business with companies that I didn't trust.
But don't listen to me, I'm an agent. Instead, do this - call a few local HOME CARE agencies, and ask them if they have clients using long term care insurance. You'll be pleasantly surprised.
See, those few people who get their claims denied - almost always for valid reasons - are very vocal about it. But the people who are on claim don't go online and shower the companies with praise. If you want to discuss this, feel free to let me know.
[email protected]
But don't listen to me, I'm an agent. Instead, do this - call a few local HOME CARE agencies, and ask them if they have clients using long term care insurance. You'll be pleasantly surprised.
See, those few people who get their claims denied - almost always for valid reasons - are very vocal about it. But the people who are on claim don't go online and shower the companies with praise. If you want to discuss this, feel free to let me know.
[email protected]
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- #3
Thanks! Great advice.
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- #4
As a couple in our 50s with no kids, which of these companies would you suggest for a partnership policy with both value and customer service in mind?
https://insurance.maryland.gov/Consumer/Documents/publicnew/ltc-indinspolpartnerprog.pdf
Filing long-term care insurance claims can be very hard. There are 5 things that make it hard. There's one trick to make the LTCi claims process very easy. Read this:
https://www.ltcshop.com/2017/09/27/heres-trick-making-long-term-care-insurance-claims-easy/
mr_ed
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- #6
Much appreciated!
A comment to that article said "We contacted one of the larger national home care agencies and they handled it for us. This particular home care agency processes THOUSANDS of long-term care insurance claims every year. All we had to do was sign a couple of HIPAA forms and they took care of the rest. Her claim was approved in only 3 weeks. "
What is a national home care agency? Can you give an example?
Long-term care insurance aggregate claims data is public information. This year over 300,000 policyholders will receive benefits from their long-term care insurance policies. Even if there were 3,000 LTCi complaints on BBB about long-term care insurance (there aren't), that would mean less than 1 out of 100 claimants filed complaints.
