There is no denying that the costs of long term care continue to rise. With a large portion of elderly Americans looking at long term care as something that they are going to have to face in their lifetimes, there is much concern over how the costs will be paid. This can lead many seniors into investing in long-term care insurance. There are a few problems with long term care insurance that can lead to financial woes if you are counting on it to pick up the bills.
No Policy Standards
The devil is in the details or in this case in the fine print. Long term care insurance is not subject to any regulation, nor are they subject to any sorts of standards. That means that if you are considering a policy you should carefully read all of the fine print to best understand exactly what is going to be, or not going to be covered.
While it is true that there are some policies out there that can help, there are many that are simply there to maximize profits and not necessarily help out their customers.
Does it Really Cover the Costs
One of the biggest things that can surprise someone who has purchased long term care insurance is the fact that most policies do not cover all of the costs of long term care. While some policies provide more benefits than others (at a premium of course) there are very few that even come close to paying a majority of the bills. This leads to a premium vs. benefits analysis that rarely comes out on the side of the policy holder.
For legal assistance with a long term care policy contact the experts at Stano Law group today.