Most of that time has been spent in geriatrics. I have decided to open a very small residential elder care home in my community. I understand I can have 3 residents without being a licensed facility. I am applying for an assisted living license. Until I'm licensed will a residents LTC insurance cover the cost?
I’m not personally a fan of buying LTC insurance; don’t have it. But if I had to pick a LTC insurance co that is solid, it would be Genworth.
Best of luck in your venture. Small board & care homes are hard to find.
It seemed it was bogged down just so folks would give up filing a claim - it took a lot for a claim to be filed in early February until acceptance in May
That said, once accepted there haven't been any problems
When I asked about payment for placement in a residential board and care they responded it would be unlikely so be sure to try and find out what their requirements might be
BTW
Payment comes directly to mom not to her facility so you would need to make sure your clients can self pay before you accept them
Get the license and the state certification.
For moms NH dealing with any LTC insurer not worth it as they could easily fill beds with Medicare or Medicaid & get paid in real time. You might want to visit a couple of IL & AL under the guise of “ needing a place for your Aunt” & get a copy of the admissions agreement to see how payment terms are done. Like 60-70% of elderly in a facility are Medicaid eligible, so they are basically judgement proof if they end up not paying you. You can’t afford to let a new business become a charity.
MsMadge, your experience with GW is common. They are stickler for precise details. Almost all polices have a initial window of time (90 days usually) in which LTC won’t pay or even start to process claim till that window is over. The delay migh have been due to this. Some exclude rehab stays from the 90 day countdown too as their not a long term resident but in rehab. Btw GW is probably being sold to Chinese invesment group.
Basically If an insurer can limit exposure (whether its paying a LTC policy or paying on homeowners / flood / wind policy from a disaster), they will.