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Know what is covered to make a long term insurance claim

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Many people shop for long term care insurance knowing that this type of policy could come in handy at some point in the future. At the same time, some people shy away from buying coverage because they are unaware of what it offers and when they can make a claim.

Any of our California readers with long term care insurance must know what is and is not covered by their policy. This is something to discuss when buying coverage, but if you neglected to do so, you should consider reviewing your policy in the near future.

Before you can make an insurance claim, you need to know your chances of it being approved. Long term care benefits will begin once a benefit trigger is set off and an elimination period has lapsed. This determines your need for long term care as is often defined by any help you need with Activities of Daily Living.

Regardless of your age or current level of health, the time could come when you need to make an insurance claim. For those who are not familiar with when to make a claim and what is covered, it is a good idea to contact your insurance company to discuss your concerns and clarify any murky details. A legal professional can also be helpful with any clarifications regarding disability benefits eligibility.

Long term and disability insurance is a big part of your financial plan. Remaining aware of any coverage changes or exclusions can ensure that you receive the proper care in the future. If an insurance company denies a claim that should be paid, you will need to dispute this to receive benefits.

Source: The Motley Fool, "Long-Term Care Insurance: What It Really Covers" Matthew Frankel, Jul. 13, 2014

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