How to Use Your Policy
When the time comes to use the policy that you’ve purchased, it can be confusing to know what to do. Follow these steps to ensure you receive the benefits for which you’ve paid.
- Understand what your policy covers and pays for by reading your policy in full before starting the claim process.
If you don’t have a copy of the policy, call the carrier and request a copy. It is often a good idea to have more than one person read the policy and ask for help if you need assistance with understanding the details. An insurance agent, financial planner, elder care attorney or family members may be helpful.
- Ask questions before you file a claim and start the official process.
Fully understand what your policies cover and do not cover so that you increase the chance of a claim being approved instead of denied.
- Choose your care provider carefully.
If you select a home care provider or other care facility that does not know how to bill long-term care insurance companies, you may have difficulty getting reimbursed. Ask potential care providers about their experience and willingness to provide you with the documentation you will need to file claims. Providers that do not normally deal with this documentation may want to help, but may not have the experience necessary to help you efficiently or effectively.
- Track your policy limits and monitor reimbursements.
Once your policy is approved and you are getting reimbursed, it is important to monitor your remaining benefits, as many policies have a finite amount of benefits, and reimbursement can run out before a need is ending. It is important to monitor and assess usage with your team of trusted advisors to ensure your benefits are being maximized strategically.
The team at CareWorks Health Services has years of experience helping families get the most out of their long-term care insurance policies, and we would be happy to help walk you through your plan to ensure you get the coverage you are owed.
