Answers About Long-Term Care Insurance New York Times
About 15 years ago my parents purchased long term care insurance after lots of research. The bought the top of the line policy from the best rated company. Their experience raises at least one fundamental question for the whole topic - is it reasonable to make any long term bets on the insurance industry? Oh, the company they chose sold that business line to another insurer, so sorry. Oh, the insurance company decided to make some changes to the policies. You bought the insurance while you lived in NY but now are in Seattle - ah, then there are different state insurance regulators involved so the ‘no change’ policies can in fact be changed Oh, now you need the long term care coverage, well Washington state uses different terms for nursing homes vs retirement homes vs elder care centers, so what you want isn’t covered by your policy (even though the features are the same, just a different term). We will call that home care and give you a partial payment, even though it is a nursing home.
