This month, I have been focusing on claims which includes our December Coffee Break webcast . If you haven’t viewed it, please take a few minutes to check it out.
In the webcast, Niki Johnson talks about the claims process and a few tips that can help when submitting a claim to OneAmerica. Today, I am going to review the process as well.
Regardless of carrier and method of claims payment, a similar process is followed. That entails the insured qualifying (unable to perform 2 of 6 activities of daily living or severe cognitive impairment), obtain a plan of care from their healthcare provider, satisfy the elimination period (waiting period), and contact the carrier to submit the claims process.
It all sounds simple … until it has to be executed. The claims filing will require some documentation to be submitted along with the claims forms. As part of the claims process, attending physician’s statements (APS) will be required along with a plan of care. Additionally, if services have commenced before the claim was filed, receipts for those services should be available.
OneAmerica provides a dedicated unit to assist in the process – OneAmerica Claims Concierge service. As a matter of fact, the OneAmerica Claims Concierge, policyholders can engage the team when a claim is forthcoming. The team will assist in the navigation of the claims process.
Another great resource is the OneAmerica Step by Step Guide to a Long Term Care Claim. This piece is helpful whether a policyholder is just starting to develop their planning or after they have a policy in place and they are about to begin collecting benefits from their policy. It is full helpful information related to long term care claims AND is product neutral.
The most important element of the process is contacting OneAmerica to get the ball rolling. This can be done electronically via email, through the OneAmerica claims portal, or by phone at 1-800-352-6608.
One last thing, remember it is important that the insured(s) share their plans with whomever will manage their affairs. As agents & advisors, we need to remind our clients that they should share their plans with their families or whomever they will lean upon for assistance.
It is the end of the year and I’ve been asking you to review your book of business and identify your clients who are over 75 and own annuities that are on the sideline and earmarked for an emergency. This is a big thing – it can be a possibly make a difference in funding an extended care event while preserving assets.
My “big ask” of you for the million dollar annuity strategy is to identify 3 or 4 annuity owners 75 or older who might be viable candidates for our leverage strategy then give us a call.
That is what the million dollar annuity strategy is all about. The transformation of tax-deferred money into tax-free distributions for long term care. Learn more about it at https://fridayswithfisher.com/million-dollar-annuity/.
Fridays with Fisher 
You must be logged in to post a comment.