So many controversies have been surrounding Iowa long term care insurance (LTCI) providers since time immemorial.
Who can forget the angry protests of senior LTCI policyholders four years ago, which stemmed from their denied claims. Majority of these senior citizens have purchased a comprehensive LTCI policy that promised full coverage of in-home care.
Although a big percentage of these seniors refuse to enter a nursing home, they said their policies promised that should they need, or be required by their physician, to enter a nursing home they will not be asked to shell out a single penny.
Meanwhile, early this year some retired elderly couples in Iowa were devastated by the 30% premium increase that was imposed on their LTCI policies, as the mentioned increase was approved by the state’s insurance regulators.
According to these baby boomers who have already retired from their regular jobs, they are relying on low-income jobs and businesses just so they can continue to manage their premiums. They would rather extend their working years than cancel their policy and waste the chunk of money that they have already invested into the premiums.
That was what they had in mind until their premium rates skyrocketed. Although these elderly people admit that they were advised of the insurer’s plan to increase premiums of existing LTCI policies, what they do not understand is why they were asked to choose between continuing their premiums and canceling their policy.
Nobody invests his hard earned money in an expensive LTCI policy just to cancel afterwards, they rationalized.
Big insurance companies are now in hot water as people begin to question their financial strength and most of all, their integrity.
Buying An Iowa Long Term Care Insurance Safely
Among the huge insurance companies that were hauled in the said controversies were Conseco Senior Health Insurance Co., Equitable Life & Casualty, and Bankers Life & Casualty among others.
In defense these firms have already released a statement that they have paid all claims.
Investing your money into an insurance policy that is LTC-designed is a risk that is worth taking because this concerns your future healthcare needs. Before you do so, however, it pays to know where you’re putting your money.
Time and time again we have been told not to use a company’s tenure in the industry as a gauge to determine its financial strength. Some of these companies would even use clients testimonials, which are often than not just fabricated, to put them in a good light.
The only way to find out if a company is capable of paying claims is by checking its ratings on the websites of insurance ratings agencies such as A.M. Best Company, Standard & Poor’s, and Moody’s among others.
Their ratings are based on statistical data so you have the assurance that you are getting factual reports instead of biased opinions from these agencies.
With the continuous growth of the elderly population in Iowa long term care insurance policies are basically the only artilleries which can protect Iowans from the painful cost of care.