Long-term care (LTC) insurance is very complex. The requirements for receiving coverage are far more demanding than what is needed to qualify for long-term disability insurance – the insured needs to be unable to perform or needs substantial assistance to perform at least two basic activities of daily living such as feeding oneself, dressing, showering or bathing, toileting, or transferring from a seated to standing position or vice versa. Alternatively, a substantial cognitive impairment would qualify someone to receive long term care insurance benefits. […]
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Purchasers of long term care insurance from MetLife who experienced a hike in premium rates may soon receive relief pursuant to a settlement agreement reached in the case Newman v. Metropolitan Life Ins. Co., No. 1:16-cv-03530 (N.D. Ill). The settlement follows a rare victory in the Seventh Circuit Court of Appeals for aggrieved long-term care […]
Given the high cost of nursing home care, assisted living, or home health care, many people have purchased long-term care insurance with the expectation that it will cover the costs of their care should they ever need such services. Unfortunately, those expectations have not always been met because insurance companies have challenged claims and shown reluctance to pay benefits under long-term care policies.
When you purchase a long-term care insurance policy, you are buying peace of mind. You know that the cost of various assisted-care living options range from expensive to astronomical. Even if you have a reasonably large portfolio of assets, and potentially could afford to the monthly costs of an assisted living or nursing home, you […]
Setting aside money for retirement is just one step towards future financial security. In addition to funding retirement savings, a long-term care insurance policy may provide additional protection in the event of debilitating illness. This form of insurance is designed to afford protection against the expenses of long-term care in the home or in a […]
A recent study from the Center for Retirement Research at Boston College found twenty to thirty percent of the population is best suited to benefit from long-term care coverage. Setting aside money for retirement is just one step towards future financial security. In addition to funding retirement accounts, a long-term care insurance policy may provide additional […]