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 Long Term Care Insurance

Ever wonder why that 65-year-old woman you just passed in the grocery store has a walker, or why your parents' healthcare costs seem exorbitant? The reason is long term care insurance.

Long term care insurance helps fund your parents or grandparents after they are no longer able to take care of themselves. The average cost for a year long stay in an assisted living facility is about $100,000 per year. Long Term Care insurance pays up to three years worth of living expenses, giving peace of mind that your loved ones won't need to worry about the financial burden when their time comes. It's also a good idea for those with large mortgages and children who require college money or child support payments from them. Many insurance companies offer special rates for those who pay their premiums every month or are very active in insurance, even if they are healthy and have a low risk of being diagnosed with a medical condition.

What to look for in LTC insurance:

- Do you want to provide care coverage for you, your spouse, your child(ren) and an additional family member? If so, the policy must cover any family members mentioned above. The policy would be different if the additional family member is under your care instead.

- Do you want to cover your parents after they are no longer able to take care of themselves? This is an important point because many people think their parents will be taken care of by a family member after they become disabled. If you want the policy to pay for your parents until death, it must be specifically designed for that purpose.

- Do you want your loved ones covered from day one with no waiting period? Some policies do have waiting periods, but check around because some policies do not require one at all. Also, read the fine print and find out what the "bail out" amount is if the money runs out while a person is still alive. (Also important to know is if the money can be accessed before death or after death).

- Is there a rider for health or hospitalization if you receive long term care benefits? If so, read the fine print carefully because some policies have exclusions. Some policies even exclude "diseases of the mind." For example, if an individual has a stroke and begins to lose his ability to reason, he could become a candidate for long term care insurance. But with the exception of stroke and Alzheimer's Disease, which are excluded from coverage by many insurers, his care will not be covered by any policy because he is no longer considered disabled by insurers.

- What is the cost of the policy? The best way to get this information is to call around and discuss it with several insurance agents. Don't trust your parent's life or future to just one agent or company. Make sure you get a few quotes before deciding on any one specific company.

Another important factor that should be considered is the insurer's financial ratings.  Standard & Poor's, Moody's and A.M. Best are three rating companies that give an overview of the company's ability to pay out benefits after a claim is filed, as well as how long a company has been in business for and whether or not they are likely to remain in business in the long term. Companies with lower ratings are not considered to be the best companies to invest in long term, but they do pay out benefits after a claim is filed.

If you or your parents have been the victim of a disability, or if you have recently lost a loved one to a disability we can help. Our Huntington Beach law firm is dedicated to helping recover what is owed if there was an insurance fraud or mishandling of benefits. Call us at (800) 939-8798 for a FREE consultation today.

The contents of this article are for general information purposes only and do not constitute legal advice or opinion on any specific facts and circumstances relating to your situation.

We hope you found this helpful, and if so would be happy to hear your comments. If you would like to see a full list of our articles please click here for our website. Thank you for visiting!

In the meantime, we invite you to read our article on What Do You Do With Your Life Insurance? by going to:  http://valleylawfirm.com/blog/what-do-you-do-with-your-life-insurance/.  And if interested in long term care insurance please go to http://www.wwpa.org/provider/lTCInsurance/.

Russell G. Ruhl, Attorney at Law | Valley Law Firm | Huntington Beach, CA

The contents of this post are for general information purposes only and do not constitute legal advice or opinion on any specific facts and circumstances relating to your situation. Ruhl & Assoc., P.C. does not represent you unless you hire us to do so and is prohibited from negotiating a settlement or making a recommendation regarding settling or terminating a claim with an insurance company on your behalf past the initial consultation. Your rights are always protected by the "AGREEMENT OF ACCESS" document that is signed by you at our first meeting and must be retained as evidence of our engagement.

DISCLAIMER: This post is for general information purposes only and does not constitute legal advice or opinion on any specific facts and circumstances relating to your situation. Ruhl & Assoc., P.C. does not represent you unless you hire us to do so and is prohibited from negotiating a settlement or making a recommendation regarding settling or terminating a claim with an insurance company on your behalf past the initial consultation. Your rights are always protected by the "AGREEMENT OF ACCESS" document that is signed by you at our first meeting and must be retained as evidence of our engagement. For a free consultation, call (800) 939-8798 .

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This article is for general information purposes only and does not constitute legal advice or opinion on any specific facts and circumstances relating to your situation. Ruhl & Assoc., P.C. does not represent you unless you hire us to do so and is prohibited from negotiating a settlement or making a recommendation regarding settling or terminating a claim with an insurance company on your behalf past the initial consultation. Your rights are always protected by the "AGREEMENT OF ACCESS" document that is signed by you at our first meeting and must be retained as evidence of our engagement. For a free consultation, call (800) 939-8798 .

Conclusion:  Blue Shield will not pay any disability death benefits to the descendants of deceased members. If you are disabled and your life insurance is through BHS, the only way you can insure your loved ones is by purchasing an additional policy for them.

If you or your parents have been the victim of a disability, or if you have recently lost a loved one to a disability we can help. Our Huntington Beach law firm is dedicated to helping recover what is owed if there was an insurance fraud or mishandling of benefits. Call us at (800) 939-8798 for a FREE consultation today.

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