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Long term care insurance, how to make a claim, and more

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Many of our California readers receive long term care insurance, disability insurance, and other types of coverage through their employer. There are also people who have to purchase an individual policy to ensure that they have the protection they need.

Before you do anything regarding long term care insurance, you need to know what you are getting for your money, how to make a claim if the time comes, and what you can make a claim for. If you are not 100 percent sure of what your policy provides, you could end up disappointed and upset at some point down the road.

With the right process upfront, you can avoid some of these potential hassles:

-- Finding that you are unable to afford the monthly premium.

-- Paying for too much coverage when you don't need it at the present time.

-- Not choosing an insurance company that has your best interests in mind.

-- Not understanding what you are buying, including when you can make a claim.

There is no denying the fact that the benefits of long term care insurance can outweigh any potential drawbacks. That being said, there are challenges that can arise, even if you take extreme caution during the purchase process.

The biggest issue with this type of policy is a denied claim. If you have coverage and something happens, you expect your insurer to step in and do what he or she promised. In the event that your claim is denied and you are caught in a battle with the insurance company, it may be best to speak with an attorney about your options.

Source: Investor Guide, "Self Assessment Guide For Long-Term Care and LTC Insurance" Aris Moreno, Dec. 01, 2014

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