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Disability Insurance
long term care disability insurance
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[QUOTE="Dartho, post: 169056, member: 14"] [JUSTIFY]Long term care insurance (LTCI) is a plan to pay for medical costs which exceed the normal range of income for an insured individual for more than one year. This kind of long term care insurance is mandated by federal law. Long term care insurance benefits are paid either through Medicaid or through private health insurance plans such as Medicare and insurance companies cannot deny coverage to anyone because of their age, illness or health condition. The applicant for long-term disability insurance must be at least 65 years old. However, it may also apply to policyholders who are yet to reach the age limit. Policyholders who have an existing LTCI policy and are eligible for continuation can choose to extend their policy for a further year, called a "conversion" policy. Policyholders who wish to convert their policies should contact their current providers. It is important that policyholders inform their providers if they intend to make a long-term disability claim against their policies. If a policyholder has reached the age limit for continued disability benefits, then he will have to begin receiving the benefits from a different program. Sometimes, this program is known as a "mobility" plan and the provider will reimburse policyholders for the cost of extended medical care, rehabilitation and other services. The payments for long term care disability insurance are meant to assist policyholders with paying for long-lasting medical care and rehabilitation services which can cost thousands of dollars. Another option policyholders have when making a long-term disability claim against their policy is to submit an administrative appeal. An administrative appeal can be filed with the Senior Citizens and Opportunities Agency (SCOAA) or through the Federal Trade Commission. If the appeal is approved, then the disabled policyholder will need to submit an application and paperwork to the insurance company. The paperwork and application will then be reviewed by an authorized agency official. SCOAA provides an online application form and SCOAA instructions. There are two types of long term care insurance policies. The first type is medically underwritten. Medical underwriting involves the process of evaluating the medical and financial needs of the policyholder. Medical underwriters will take into account the policyholder's past medical history, current medical condition, anticipated future medical care needs, income level, assets and liabilities and more. In addition to medical underwriting, long term care insurance policies may also include optional features. One such optional feature is an assisted living home. This feature will pay for the cost of assisted living in the home for the policyholder and/or any dependents if the policyholder is no longer capable of caring for them. Both medical and non-medical long term disability insurance policies will have this optional feature if it is needed.[/JUSTIFY] [/QUOTE]
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