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What Should I Do If I Purchased Long-Term Care Insurance from a Disreputable Company?
My spouse and I purchased a long-term care policy a few years ago when we were both in our 50s. We are now both in our mid-60s, in pretty good health, and have paid premiums religiously. However, we recently did some research and have learned that the company we purchased from does not have a good reputation for paying clams or keeping track of records. Apparently, the company often requires that records be sent repeatedly while the company delays reimbursement of expenses. If/when the time comes that we need to file for benefits or a claim, should we involve an attorney in the initial claim, e.g., have the attorney forward our claims to the insurer? Would it provide any greater likelihood that we wouldn't get the run-around that so many other policyholders seem to have encountered?
Based on what you report, we can guess what company you’re talking about. We are aware of several people who have had to experience the run-around you describe. When they hired a law firm, the firm initially experienced the same gauntlet of confusion and lost records. Ultimately, once the law firm threatened litigation, the company paid the clients. In fact, the company reimbursed the clients for the law firm's fees as well.
This means that you probably should hire an attorney when the time comes. To find an attorney near you, go here: http://www.elderlawanswers.com/elder-law-attorneys. Unfortunately, that does not guarantee any result. The company may or may not be solvent when and if you or your spouse needs to file. Depending on your health and how much you are paying in premiums, you might want to shop around for a new policy. A local insurance agent who specializes in long-term care insurance should be able to advise you.