Planning for Life

Buy Long-Term Care Insurance with Long Elimination Period

Posted by Harry S. Margolis on April 11, 2013

By Harry S. Margolis

Several years ago, I met with Steve Samuel of Samuel Financial in Dedham. He had a tip about buying long-term care insurance (LTCI) which made a lot of sense to me.EasySite A4278Y  uploads samuelfinancialgroup 2012 3

Most people are deterred from buying LTCI due to the high cost of the premiums (and the hope that they'll never need it). The level of the premiums is based on a number of factors, including:

  • Your age.

  • Your health.

  • The daily benefit you choose -- such as $200 or $300 a day.

  • The length of coverage you choose -- such as two years or five years.

  • Whether you purchase an inflation rider -- so that the daily benefit increases each year by a set percentage.

  • The elimination period -- the amount of time you need to qualify for benefits in terms of the care you need before the LTCI policy begins to pay out.

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Topics: long-term care insurance

Beware Bankers Life Long-Term Care Insurance - Massachusetts

Posted by Harry S. Margolis on January 7, 2012

By Harry S. Margolis

Since we first published this post in 2012, our clients have had both good and bad experiences with accessing their long-term care insurance. In general, the more solid the company, the better the experience. Fortunately, many of the less solid companies have left the business, but older policies with them still exist and they continue to put up roadblocks to getting coverage, often claiming to have lost paperwork that was sent to them.

We have found that tenacity and keeping good records of every contact with these companies ultimately results in coverage. Sometimes a letter from an attorney is also necessary. Of course, all of this is a terrible burden to place on families already overstretched doing their best to care for an ailing family member.

Here's the post:

A recent article on the CBS News website, "Some long-term healthcare policies not paying up," highlights the difficulties many owners of Bankers Life long-term care insurance policies are having trouble collecting.  As the article reports, and as some of our clients have experienced, Bankers Life typically gives policyholders a major run around when they make claims, often claiming not to have received documentation that has been sent in.

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Topics: long-term care insurance, Massachusetts

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