My parents wisely both purchased long term care insurance policies some 20 years ago. It is the only saving grace they have to being able to afford living in a nice assisted living facility. According to their policies, they have a 90 day elimination period for which they need to self pay before the insurance company will begin reimbursing them for the costs incurred. I certainly understand business and the need to make a profit. I get that, but every time I call the insurance company who holds their policies, whomever I speak with (you can NEVER speak to the same person twice -- I've tried!), states, "now just because (insert whatever) doesn't mean that your claim has been approved". I lay awake at night worrying that the insurance company is going to find some way to find anything so that they don't have to pay out the claim. My mom is the one who needs the assisted living. She repeatedly falls (has broken off her front teeth and in another fall, broke her wrist). She now walks with a walker, needs assistance with dressing/undressing, bathing, etc. It seems like the claim should be approved, but, again, stranger things have happened. They gave notice on their independent senior living apartment and so I have to move them, but I don't want to move them and then have to move them again if the claim isn't approved. Has anyone else had experience in dealing with long term care policies? Anything for which I should be aware? My mom's doctor, the social worker, and the assisted living location for which I'm planning to move them all concur that assisted living is what is needed, but I'm still guarded. Transamerica is the insurance company through which the policies are written. I'm told by everyone who hears about their particular policies, "oh, they have Cadillac policies"; meaning, these types of policies are no longer written, apparently, as they are good ones. Oof. This is hard!! Thank you for listening.
The problems I have seen with LTC involve seniors spending huge amounts of money on these policies to have to them work out little if at all for them. Some of the policies deny insurance be paid for any facility without a full time RN. Guess what? That almost doesn't every exist at all. In fact, any ALF will have an on duty medication "nurse" usually a tech, for medications. Even Memory care seldom has an RN on duty at all times. So you get to hear "the facility isn't covered". I hope you NEVER have to hear it, but do let us know.
I hope others will post here that they have had positive experiences. I truly would love to hear that. For me, saving your money for age, and being at the time you get there "self-insured" is the answer, but it sure isn't an easy answer in our times.