Filing for A Long Term Care Insurance Policy - The Procedure
Q: I want to purchase long term care insurance. Can you inform me how the claim procedure goes about? Is this procedure same as claim procedure for medical insurance?
Ans: Irrespective of the kind of insurance claim engaged, majority of insurance policies offer reimbursements for expenses incurred. Usually, the policyholder keeps a record of the receipts. Next, they submit these receipts to the insurance organization. Before granting the payment, the insurance firm needs to decide whether the policy holder caters to the eligibility criteria set or not.
Steps to follow when you file for a long term care insurance claim:
- Keep a copy of the insurance coverage with you. Next, get in touch with your insurance agent. Inform him that you are prepared to claim the benefits of the coverage; however before doing so you want to review the terms and conditions of the policy first.
- Make sure you know well what the elimination period of the policy is. Initially, you may have to pay from your end; however you will get the amount once the claim is approved.
- Make sure that all the form is dully filled up. Only when you have completed this process, the insurance company will consider your claim.
- Remember to submit the documentation and records of the patient.
- Prefer hanging onto a copy of all documents and correspondence. Also take notes about the individuals you have interacted to. Make sure to keep a track on the dates, times as well as contact details.
- Keep interacting with your insurance company and agent from time to time. This will help you get an update on the progress of the claim.
Many a times, claims are appealed or denied. Make sure to keep a tab on each step engaged with the claim. If you are not satisfied with the result, then you have to right to a file a complaint with the state insurance department.