1/ Long Term Care (LTC) insurance is a subject I have learned a lot about lately. If an elderly person doesn't have someone like me to navigate the process, is buying a LTC policy a wise choice? I'm currently documenting the process of collecting benefits and will say more soon.
2/ I can't imagine an elderly person with dementia or Parkinson's being able to file and collect on a claim. My experience to date is with just one LTC insurer, but the process is clearly designed to delay and deny claims. I imagine some policy holders just give up (or forget).
3/ LTC representative: "You must provide X"
LTC: "I have the insurance contract in my hands. Where exactly does it require that?"
LTC: Laughs. "You need to find that language."
Me: "I need to find something that isn't there?"
LTC: "X is required."
The rep actually laughed.
5/ What does a wealth planner recommend to a client about LTC insurance if they do not have children or others who can file claims? Is this a wise use of funds in that case or generally? ADL= "Activities of Daily Living " = triggers (e.g., ability to eat) to obtain LTC benefits.
6/ Another task an elderly person must deal with is taxes. The US government could prefill tax returns and send them to taxpayers for corrections and a signature, but lobbying by tax preparation firms has prevented this from happening. So there is https://www.irs.gov/newsroom/new-free-file-agreement-signed-to-strengthen-program-help-taxpayers …
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