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DarrasLiving Blog

Your source for the latest health, disability and insurance news and tips.

Do filial responsibility laws make you responsible for a parent's final long-term care bill?

As difficult as it can be face the reality that an elderly parent is no longer able to thrive on their own and that long-term care may become a necessity sooner than later, adult children in this situation can nevertheless draw some comfort from the fact that the quality of nursing home and assisted living care has improved dramatically over the last few decades.

Of course, an increase in costs has facilitated these improvements, such that total price tag for years -- or even decades -- of nursing home or assisted living care can reach previously unimaginable levels.

Battling with Insurance companies is not easy, but help is close

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It comes as no surprise that many insurance policy holders have difficulties in collecting money after filing a claim. After all, an insurance company's goal is to make money.

As a result, they do not always necessarily have your best interests or your health in mind. While there are many reputable insurance companies out there, it is not uncommon for a company to try to cut corners with their policyholders in an effort to save money and not pay out the appropriate benefits when needed.

What are the pros and cons to Long Term Care insurance?

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Long term care insurance is used by older folks, generally those 65 or older, who are uncertain about their financial future and want to make certain that if they find themselves with a health scare later in life, that their finances will not suffer. This has become a renewed and more important factor considering the uncertainty of Medicare and Medicaid with the upcoming administration.

Employee Retirement Income Security Act: The basics

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In 1974, the U.S. passed the Employee Retirement Income Security Act in an effort to regulate retirement plans that employers offer to their workers. In addition, it provides provisions regarding other benefits, including disability insurance plans offered to employees through the company. It does not apply to privately purchased disability insurance packages outside of a company's benefits package.

The perils of retroactive date exclusions

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Unfortunately, it is not uncommon for insurance carriers to use a retroactive date exclusion to deny policyholders from their claims. If you or someone you know has received a denial letter, it is important to understand that this does not mean that nothing more can be done; you may have the claim re-examined and negotiated, and won.

Complaint alleges company abandoned retirement plan

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Employees who have worked for a company for a long time depend on their retirement and disability benefits to get them through the years after they stop working. However, all businesses have their risks, and many businesses do not survive. What happens to these benefits when a company goes out of business?

Recently, the U.S. Department of Labor filed a complaint against an appliance parts supply company, claiming that it had abandoned its employee 401(k) plan after it ceased operations. According to the complaint, Authorized Factory Service Inc. established the 401(k) plan as part of its retirement benefits package in 1995. However, when the company went out of business in 2002, it did nothing to administer the plan and its assets. The Department of Labor says the company didn't even appoint anyone to oversee the plan's funds, despite having a duty to do so.

Former employee alleges insurer wrongfully denied her claim

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When an injury, illness or other health condition is so severe that it renders a person unable to work, the worker is in a bad position. Without the income from employment, bills and debt can quickly pile up. If the person tries to return to work, he or she may be unable to perform his or her duties, or may make the health condition much worse. Often, disability benefits are the person's only hope.

Recently, a California woman filed suit against insurance giant Prudential, alleging that the company wrongfully denied her disability claim. She seeks benefits to cover the period of September 2014 through December 2015, plus interest and other damages.

Paying for long-term care

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Many of us are living longer, healthier lives than our ancestors did, but with these longer lives come new challenges. Many Americans must receive long-term care as their physical and mental health declines. The good news is that there are many options available for long-term care of adults, and many of them are very good. However, long-term care is expensive.

Many individuals try to plan for the possibility they may need long-term care by purchasing long-term care insurance. This may be purchased individually, or through a group plan, such as an employee benefit.