When it comes to Long Term Care Insurance Fraud, the Lie is Out There!
What do you look for to avoid long term care fraud?
Imagine if a long term care agent came to your door and said:
“Hello, I would like you to buy a long term care insurance policy that does not protect your savings. It will give you an exceptionally high premium cost, and charge you for services that you did not receive nor require.”
You would slam the door on such a purveyor of long term care insurance fraud.
Despite the existence of these frauds, there are many legitimate long term care insurance policy agents who can truly deliver.
It is tax advantageous to take out one of these policies, especially with the limits of Medicaid and Medicare, as well as the high costs of assisted living and nursing homes.
Many senior citizens are the prey of the long-term care insurance fraud seller.
It is hard to believe that there are people who would take advantage of this population, and the worst cases consist of those who sell fake policies, take the overly high premium rates, then run. Commissions to the agents of these insurance policies are quite high, often 50 percent of the first year’s premium.
This long term care review can help you avoid such scams.
Subtler fraud tactics include when a seller returns with a “new-improved” policy in order to gain even more money off the commission from that.
Often the seller will conceal a condition that is not covered, such as the common Alzheimer’s disease.
Many of these “policies” do not cover the holder when they have “an inability to perform daily living”. This means that those who were counting on their long term care insurance to cover their assisted living will not receive it.
Another tactic is when the insurance policy charges for services that it either didn’t provide, or overcharge for those that it did.
Sadly, there are many seniors who simply pay their bills and assume that the rates, however high, are valid.
There are some frauds who know that people generally don’t look at the documentation.
This is the first step to dealing with fraudulent long term care insurance policy provider: make certain that all the documents are in order.
Taking a fraudulent long term care insurer into court will take much time and much money, but it is necessary in order to insure that money is not stolen from those who need it.
This insurance fraud is far less harmful if it is stopped before it even starts.
To find out the kinds of honest long term care policies that might be available for you, get a free online long term care insurance quote today.