Posted by The "California Long-term Care Tax" and the targeted notice from the California Department of Insurance were circulated online, and the New York State Long-term Care Tax Act (S9082) was proposed.Washington long-term care taxThe official collection...for a time,Long-term care, has become an unavoidable keyword topic in the insurance financial planning community recently.
Long-term care insurance, also known as long-term care insurance, long-term care insurance, is called Long Term Care Insurance in English, or LTCi for short.
American Life Insurance Guide©️ (English name TheLifeTank.com) invites insurance financial columnistsHeather Xiong CFP®️, started a conversation about "How to settle claims for long-term care insurance", and at the end of the article, some tips to help with claims were also shared through a question and answer session.
TheLifeTank.com:If the policyholder needs to make a claim for long-term care, what specific preparations should be made and how to make a claim?
Heather Xiong CFP®️:The first step is when we need to make a claim. At this time, doctors and hospitals have basically issued diagnostic reports, and we need to contact nursing institutions or assistants; in other words, the policy holder has already received nursing services in a nursing institution or at home.At this time, we can contact the insurance company through [phone call] or [online claim portal] to apply for a claim.
[Editor's Note] There will be a "File a Claim" and claims contact number on the policy document and the insurance company's brand website.
Applying for a claim is a bit like applying for a tourist visa. You need to tell the other party who you are, what exactly happened, where you will live, who will provide the service, what type of service it is, etc.I have provided the following claim list:
- The policyholder’s insurance policy number;
- Name, address, phone number of the policy holder;
- The name, address, and telephone number of the diagnosing physician;
- The name, address, and phone number of the long-term care provider;
- Type of long-term care (nursing home, home care, assisted living care, etc.);
- Describe the long-term care services needed or being received;
- The time long-term care services are to begin, or are about to begin;
Heather Xiong CFP®️:Step 2. After we submit this information, the insurance company will assign a claims specialist to follow up on the claim.The claims specialist will contact the policyholder or principal directly based on the contact information provided.
The claims specialist will first confirm your current situation by phone and other methods, and based on your specific care situation, send relevant service materials and official forms that need to be completed.The policy holder needs to fill in the standardized form and return it to the address designated by the insurance company.
Heather Xiong CFP®️:The third step is that after the insurance company receives the returned standardized form, the claims specialist will confirm whether it meets the claim conditions;
- If the claim is confirmed, for long-term care insurance products that are paid in cash, the claims specialist will confirm the claim amount;
- For long-term care insurance products that make claims based on actual reimbursement, the claims specialist will contact the institution that provides long-term care services;
After confirming that all materials are complete, the claims specialist will usually make a decision on whether to settle the claim within 3-5 working days and notify the policyholder.
At this point, the claim settlement work is officially completed.
TheLifeTank.com:What if the policy holder needs long-term care and is not conscious enough to fill out the claim documents and sign the documents by himself?
-Heather Xiong CFP®️:Anyone can help policyholders fill out a claim application.If you entrust someone else to handle this matter, you need to provide the insurance company with a Durable Financial Power of Attorney; you can also seek help directly from the insurance company.
Editor's Note: Visit the "Wealth Inheritance" section of the American Life Insurance Guide ©️ website to use the third-party agency Freewill®️ for free.Set up Durable Financial Power of attorney on your owntools (as shown below).
TheLifeTank.com:What if the policy holder needs long-term care and is not conscious enough to fill out the claim documents and sign the documents by himself?
-Heather Xiong CFP®️:Anyone can help policyholders fill out a claim application.If you entrust someone else to handle this matter, you need to provide the insurance company with a Durable Financial Power of Attorney; you can also seek help directly from the insurance company.
TheLifeTank.com:Are there any tips to save time and effort during the claims process?
-Heather Xiong CFP®️:The level of service quality is directly related to the cost of insurance companies. The cost of "saving time and effort" is worth investing in.Some long-term care insurance products will provide additional claims concierge service to help policyholders simplify some procedures, and will provide practical care service provider information based on the policyholder's situation and help with purchase.The concierge service of the insurance company will be more professional and provide more information for reference, which will reduce the burden on the policyholder's family. (Full text ends)
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(>>>Related reading:American Long term care long-term care insuranceIntroduction to insurance types, prices, advantages and disadvantages, claims must-read and purchase age window)
