Misconceptions and Limitations of Long Term Care Insurance

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Feb 24, 2015

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It’s no secret that purchasing long term care (LTC) insurance ] can be a difficult undertaking – especially with so much media attention being given to insurers refusing to pay on policies that were underwritten years ago when the cost of health care in the new millennium was grossly underestimated. To make matters worse, there are many misconceptions and limitations of long term care insurance that consumers don’t understand.

Misconceptions

According to the American Institute of Certified Public Accountants, many people are confused about what long term care insurance covers and how their personal wealth might be affected. For example, health insurance does not pay for chronic care related to long term illnesses. In addition, extended care is very expensive and most families probably cannot afford it. That’s why it’s important to have an accountant look at your financial situation.

Limitations

According to the Senior Resource Center for Medicare Information, most long term care insurance policies will not pay benefits for any confinement, care, treatment, or services that result from certain activities such as attempted suicide, illegal acts or anything that would be covered under a workers’ compensation law. In addition, benefits might not be available if treatment is provided in certain types of facilities such as drug or alcohol centers, mental institutions or if the facility is not located in the United States. For a complete listing, visit the website listed above.

As you can see, long term care insurance can be confusing. The best thing a consumer can do is research. Find out what’s included in the policy and what’s excluded. If you purchased long term care insurance and cannot get your carrier to honor a valid claim, seek the assistance of a qualified attorney who focuses his practice in this area of law.

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