If you or your spouse or parent living in Riverside County, California, and are facing uncertain times due to a diagnosis of a life-altering condition or disease, you may need to take advantage of the coverage provided by a long term care insurance policy. Before you start filling in the blanks, make sure that you have gathered everything needed to protect their comfort, well-being, and lifestyle.
What paperwork do I need to file the LTCI Claim?
To ensure that the claim is processed as quickly as possible, it is crucial to attach all requested information in the beginning. This process includes the policy number, a doctor’s statement that declares the patient requires extended care, a plan of care by the nursing staff, a report from the nursing or long term care facility, and a HIPAA release form signed by the patient or their legal representative.
Should I file right away or wait for the best benefit?
There is no single standard for long term care insurance, so policies vary widely in the amount of benefit that is paid, when the insured can be declared eligible to receive benefits, and how long those benefits will last. If you or a loved one are facing recovery from a severe accident but look forward to resuming your everyday life in a year or two, filing now is in your best interest. For somebody who is diagnosed with a debilitating disease that can take years or decades to run its course, you may want to wait to ensure that there is some kind of income down the line when other resources have run out.
Will the Long Term Care insurance policy cover in-home care or part-time care?
That all depends on the policy that was purchased. Many individuals buy an LTC policy through their employer and don’t look at the details. You must read the entire policy carefully. Some only pay out a benefit when the insured is treated in an approved facility, others pay for full-time in-home care, and yet others provide partial benefits when you are receiving supplemental in-home services, like a morning nurse, or help with weekly errands.
How long does it take for the LTCI claim to be processed?
If you have gathered all the pertinent information, completed the paperwork accurately, and sent it to the proper department, it can take at least 30 to 45 days before you are notified of approval. This period is because the insurance company will conduct a complete review of the claim and speak to every person that submitted a plan or statement with the claim. Premium payments may still need to be made during this period to keep the policy active. It all depends.
As you can see, receiving a payment from long term care insurance is just not a simple process. While you are gathering the information, you are also struggling with the emotional toll of seeing your parent or spouse undergo a traumatic change in their life. Rancho Family Aging Services can help you manage these trying times by providing a family concierge who is trained to handle all the challenges that accompany the aging process. When you work with the professionals, you are more likely to receive insurance payments on a timely basis without costly delays.