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Top Articles - Long Term Care Insurance: Who to Trust?
A contract is a contract, and a long term care insurance company has the right and responsibility to follow it's policy's wording to the letter. Buyers BEWARE! Companies
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
can "interpret" vague wording in their favor. So, it's a very good idea to enlist the expertise of an insurance coverage contract lawyer in the very beginning, rather th
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
n waiting until being denied. Just know that lawyers are pricey, so be prepared to spend some extra cash for this last step.
Unless you are well versed in contract law a
Unless you are well versed in contract law a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
d know the in's and out's of the insurance industry's language, do not supposed that you are smarter than your long term care insurance company's lawyers. Make sure you kn
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
w what you are buying.
Checking policy wording with a contract lawyer who knows the long term care insurance lingo while also making sure you have a competent and compass
Checking policy wording with a contract lawyer who knows the long term care insurance lingo while also making sure you have a competent and compass
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
onate long term care insurance broker in your corner is the best of both worlds.
Brokers can be very helpful, as long as they are consumer-focused, however they are not t
Brokers can be very helpful, as long as they are consumer-focused, however they are not t
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ained in law. Even Clay's long term care insurance mentor/trainer, who had years of experience, was caught unaware a few times. After believing a policy's wording meant t
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
at it promised coverage under certain circumstances, Charlie was devastated and infuriated to learn that a client's claim was questioned. Charlie wasn't a lawyer, and in g
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
od faith he believed what the insurance company had alluded to during his training. Maybe he was too trusting. His training was about sales, not about specific wording in
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
a particular policy and the legal ramifications of such wording for his clients.
However, IF a long term care insurance company tries to deny your claim, your broker can
However, IF a long term care insurance company tries to deny your claim, your broker can
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
o to bat for you arguing in your behalf. Charlie did this for his clients and he won. Often a broker can push a claim through, when a consumer cannot. They can't argue l
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
w, but some do have "pull". This is especially true if the broker is an long term care insurance company's top producer. The company doesn't want to upset the broker and
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
isk losing future sales, even if they are vaguely within their rights to deny a claim. (I say vaguely, because some policies are vague in their wording. )
So, if you do
So, if you do
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
eed assistance getting your claim approved, you might want to see if your broker can help before spending money on a lawyer. Please note: There may be time limitations
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ertaining to filing an appeal or contesting an insurance company's denial of claim/benefits. If you think your claim has been unjustly denied, do not delay. Act right awa
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
.
In most cases, your broker can become your best friend during "claims time". Coming face to face with a long term care situation can be an incredibly stressful and emo
In most cases, your broker can become your best friend during "claims time". Coming face to face with a long term care situation can be an incredibly stressful and emo
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ional time, both for the person needing care, as well as for family members.
NOTE: Read your policy to see if you will need to file your claim within a certain amount of
NOTE: Read your policy to see if you will need to file your claim within a certain amount of
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ime. Some policies require written notice within 30 -90 days from the verification of disability.
Call your long term care insurance agent as soon as you need to receive
Call your long term care insurance agent as soon as you need to receive
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
enefits. A conscientious broker will assist you with your claim. Agents should consider it part of their job. Some agents may even go the extra mile by helping you fill ou
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
your paperwork and making sure it gets filed in time.
It's good to know that you have a trusted broker to lean on during what may be a confusing and heart-wrenching time
It's good to know that you have a trusted broker to lean on during what may be a confusing and heart-wrenching time
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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