LTC insurance companies are preparing for the LTC Claims Wave. Are you?
[This commentary is based on a LinkedIn article about how LTC insurance companies must closely manage their claims to control their costs and benefit payments. LINK TO THE ARTICLE BELOW.]
This is an important article for anyone working with or advising LTC insurance policyholders on claim. It's a great perspective on what and how the insurance companies - especially those with "closed" blocks of business - are trying to manage the process and dollars paid at the time of claim.
It reinforces that insurance companies MUST (and DO) pay legitimate, properly-documented claims, but also that if that documentation is not clear, current, and consistent across all providers, all information sources/required documentation, then companies will deny and delay benefits in an effort to make sure - to a very fine degree - that the claim should be legitimately paid.
Carriers must also do a better job of communicating with claimants and their family members to educate them about the coverage, eligibility, process, etc. in a way that can help them understand and practically participate in the process.
There is a profound amount of consumer frustration developing around LTCI claims - and wasted time and money for carriers - because claimants/consumers do not "speak insurance," and carriers are refusing to "speak consumer."
The Long Term Care Claims Professional-LTCCP® certification training program equips care professionals with the very "translation" tools to understand LTC insurance from a claims perspective. What exactly is needed to ensure a claim is filed "in good order" from the very beginning? Are care notes, invoices, and the plan of care all in alignment using LTC insurance language?
LTCCP® is for professional care providers, home care agencies, care managers/Aging Life Care Professionals, attorneys, financial advisors, agents, and anyone else who plays a role in helping policyholders effectively and efficiently navigate the complex LTC insurance claims process.
[This commentary is based on a LinkedIn article about how LTC insurance companies must closely manage their claims to control their costs and benefit payments. LINK TO THE ARTICLE BELOW.]
This is an important article for anyone working with or advising LTC insurance policyholders on claim. It's a great perspective on what and how the insurance companies - especially those with "closed" blocks of business - are trying to manage the process and dollars paid at the time of claim.
It reinforces that insurance companies MUST (and DO) pay legitimate, properly-documented claims, but also that if that documentation is not clear, current, and consistent across all providers, all information sources/required documentation, then companies will deny and delay benefits in an effort to make sure - to a very fine degree - that the claim should be legitimately paid.
Carriers must also do a better job of communicating with claimants and their family members to educate them about the coverage, eligibility, process, etc. in a way that can help them understand and practically participate in the process.
There is a profound amount of consumer frustration developing around LTCI claims - and wasted time and money for carriers - because claimants/consumers do not "speak insurance," and carriers are refusing to "speak consumer."
The Long Term Care Claims Professional-LTCCP® certification training program equips care professionals with the very "translation" tools to understand LTC insurance from a claims perspective. What exactly is needed to ensure a claim is filed "in good order" from the very beginning? Are care notes, invoices, and the plan of care all in alignment using LTC insurance language?
LTCCP® is for professional care providers, home care agencies, care managers/Aging Life Care Professionals, attorneys, financial advisors, agents, and anyone else who plays a role in helping policyholders effectively and efficiently navigate the complex LTC insurance claims process.
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