Monday 26th of September 2016 05:24:43 PM
My mother paid for Transamerica Long-Term Care insurance for 17 years and has over $100,000 invested in premiums. Her original policy included the premium waiver and no limit on length of time the policy would last. After ridiculous increases in policy costs, at age 93, she consented to reducing the length of time to 5 years of benefits. Three and one-half months before her 94th birthday, she entered assisted living, and was eligible for benefits on March 13, 4 days before the premium was due. All of the paperwork had been filed so she could start collecting as of March 13 (papers faxed to TA on April 1) and not need to pay another year of premiums. I had called and been told by a customer service representative that the claim had been approved and payment would be made the week of April 24. But, that isn’t how TA works! Even though she had claims in process, they demanded that she pay another year’s premium. I waited the 65 days grace period instead of paying the premium. If TA had paid the claim within 15 days as the policy stated, that premium would not have been due. Then, I got a call saying that her policy had been cancelled due to non-payment of the premium. So I overnighted 1 year of premium to keep the policy from being cancelled. The check was quickly cashed, but the benefits which were now 3 months in arrears did not show up. Finally, 140 days after she was eligible for benefits, she received a payment. And it took a total of 232 days for TA to refund the premium that should not have been due, and that is after I spent hours and hours and faxed many more documents to get them to refund it. And remember, the policy says they will pay within 15 days of "Written Proof of Loss" which had been previously provided.Now she is in the nursing home on hospice. She has collected benefits for 12 months and we are waiting on payment for the previous month… 30 days after the bill was faxed. I would be happy to cancel this policy if they would refund the payments she has made over the years. She, as well as many others, sacrificed to pay the premiums on this policy, and she needs the benefits paid on a regular basis in order to keep her bills paid. If you have a TA policy, you need to have a lot of money in reserve to pay the bills while you are waiting for TA to decide if and when they will pay. TA makes life miserable and stressful. Their customer service is rotten. If you call, it is nothing to be on hold for 2 hours or more. The customer service personnel do not know what is going on and do not know the benefits of the policy. There is no one customer service person you can speak to who is familiar with your policy. I know that other companies assign a "care coordinator" to each policy holder so there is some continuity. (My mother's policy says they will provide a "care coordinator", but that is another thing that TA doesn't do.) My neighbor’s parent’s policy also paid for diapers and dietary supplements by just providing the receipts for those items. TA won’t pay for any of that unless the facility buys it and bills for it, and many facilities will not do that. I agree with others who have reviewed TA here. DON’T BUY TransAmerica LONG-TERM-CARE INSURANCE! There have to be companies that are better. I believe that there should be a class-action suit against TA. They do their best to not pay any benefits, and like others have said, if the policy-holder does not have someone who is willing to spend a lot of time and jump through a lot of hoops, TA will not pay at all. It is an intentional plan to NOT PAY.