Long-term Care Insurer Fined Over Failure to Pay Timely Claims

Recently, the Commerce Department of Minnesota fined Bankers Life and Casualty Company $20,000, as a result of complaints about the long term care insurer’s failure to pay timely claims and pay interest.

“Consumers invest in long-term care insurance so that when the time comes, they will have coverage for care expenses. The department is here to make sure that consumers receive all the benefits that their insurance company should be covering,” Mike Rothman, the Minnesotan Commerce Commissioner, said in a statement.

Furthermore, according to a consent order issued on March 11, a Commerce Department approved independent reviewer must review more than 100 past long-term insurance claims to determine if they were handled adequately.

According to a statement issued b the Commerce Department,”if any claims were improperly decided, the company is required to pay claimants any additional money owed, along with interest. All payments are required to be made within 30 days of the determination that an additional payment is due.”

We at Kantor & Kantor know only too well the difficulties members face when they try to get their long-term care benefits and are payments are delayed, or worse, denied. If you or someone you know is having trouble getting benefits paid, please contact us for a free consultation on 888-569-6013.

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