Long-Term-Care Claims: Avoid The Obstacles
Kiplinger's Personal Finance|December 2019
Filing a claim can be an ordeal, but these preventive measures will streamline the process.
Kimberly Lankford
Long-Term-Care Claims: Avoid The Obstacles

Buying long-term-care insurance is usually a smart way to protect your finances and your family from the potentially massive cost of care. But after paying premiums for years, you don’t want the insurance company to hassle you—or your children—when you submit a claim.

Even if the insurance company ultimately pays out, the claims process can be slow and complicated. It’s easy to make mistakes that could delay or jeopardize the payout. And the person who bought the policy ordinarily isn’t the one who submits the claim.

One frequent sticking point is the waiting period. Some policies have a zero-day waiting period for home care and a longer waiting period for nursing homes and assisted living. The fine print can even trip up the experts. Jennifer Burnham-Grubbs is the cofounder of Quantum Insurance Services, in Los Angeles. Her father-in-law, Carroll Lam, who recently died at age 84, bought a policy when he was in his early fifties. After a heart attack, he needed help with several activities of daily living. His wife, Donna, 72, had been providing the care, but it was getting increasingly difficult, and they realized that his long-term-care policy could pay for professional caregivers.

The policy had a 60-day waiting period. Jennifer thought that meant it would start to pay out 60 days after the insurer said he qualified for care, even if Donna was the one to care for him. But the policy only counted the weeks when he received at least two hours of care from a caregiver who was certified by the state. “That was eye-opening,” says Burnham-Grubbs. “Now that we’ve been close to it, we see the nuances firsthand.”

هذه القصة مأخوذة من طبعة December 2019 من Kiplinger's Personal Finance.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة December 2019 من Kiplinger's Personal Finance.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من KIPLINGER'S PERSONAL FINANCE مشاهدة الكل
HOW INFLATION ADJUSTMENTS WILL AFFECT YOUR TAXES
Kiplinger's Personal Finance

HOW INFLATION ADJUSTMENTS WILL AFFECT YOUR TAXES

We looked at IRS rules for 2025 on everything from tax brackets to how much you can save in retirement accounts.

time-read
3 mins  |
January 2025
GUARD AGAINST IDENTITY THEFT IN THE NEW YEAR
Kiplinger's Personal Finance

GUARD AGAINST IDENTITY THEFT IN THE NEW YEAR

Scammers are getting better at impersonating legitimate businesses.

time-read
3 mins  |
January 2025
SHOULD YOU BUY PET HEALTH INSURANCE?
Kiplinger's Personal Finance

SHOULD YOU BUY PET HEALTH INSURANCE?

You can fend off big veterinary bills with a policy that covers your furry companion.

time-read
2 mins  |
January 2025
THE LOWDOWN ON BUYING A VACATION HOME
Kiplinger's Personal Finance

THE LOWDOWN ON BUYING A VACATION HOME

If you return to a beloved destination again and again, purchasing a home there may be a smart move-but don't overlook the costs and effort that go into it.

time-read
8 mins  |
January 2025
HOW COUPLES CAN MANAGE DIFFERING RETIREMENT TIME LINES
Kiplinger's Personal Finance

HOW COUPLES CAN MANAGE DIFFERING RETIREMENT TIME LINES

Staggered retirement is increasingly common, but it can create financial and emotional challenges.

time-read
7 mins  |
January 2025
AVOID THESE CREDIT MISSTEPS
Kiplinger's Personal Finance

AVOID THESE CREDIT MISSTEPS

KIPLINGER ADVISOR COLLECTIVE

time-read
2 mins  |
January 2025
WHAT YOU NEED TO KNOW ABOUT WORKING FOR YOURSELF
Kiplinger's Personal Finance

WHAT YOU NEED TO KNOW ABOUT WORKING FOR YOURSELF

Whether you're looking for a side gig or planning to start your own business, it has never been easier to strike out on your own.

time-read
10+ mins  |
January 2025
My Top 10 Stock Picks for 2025
Kiplinger's Personal Finance

My Top 10 Stock Picks for 2025

SINCE 1993, I have offered an annual list of 10 stocks with the potential to beat the market in the 12 months ahead. My 2024 selections notched the highest return ever: an average of 48.9%. I beat the S&P 500 index by 10.8 percentage points, and every one of my stocks was up-six by more than 30%.

time-read
4 mins  |
January 2025
WHAT MAKES AN ETF SUCCESSFUL?
Kiplinger's Personal Finance

WHAT MAKES AN ETF SUCCESSFUL?

EXCHANGE-traded funds have exploded in popularity, with the industry now reaching the milestone of $10 trillion in assets.

time-read
2 mins  |
January 2025
TIPS FROM INSIDERS
Kiplinger's Personal Finance

TIPS FROM INSIDERS

When corporate insiders buy or sell, it can offer clues on whether you should do the same.

time-read
4 mins  |
January 2025