As my dad used to always say, “it’s no fun getting old,” something that baby boomers are discovering as they begin to reach their golden years. More and more baby boomers are settling into nursing homes and are looking to make a claim on the long-term care insurance that many of them have been paying for over many years. But many people have been disappointed in this not-unreasonable expectation as the insurance companies have been denying claims on a regular basis.
Starting in the 1990s insurance companies began taking advantage of baby boomers by scooping up thousands of individual long-term care insurance policies. It seems that the expectation by the insurance companies was that the buyers would eventually give up paying the annual premiums and close out the files by taking the collected premium.
However, instead more and more claims are being made on an increasing basis. So more and more the long-term care insurers are unable to meet their legal obligations and are denying claims for illegal reasons in an attempt to avoid payment.
In essence the insurance companies were taking advantage of the elderly insureds by denying their claims for long-term care insurance. This left many people without any resources to pay for their nursing home care or other long-term care needs. This dishonesty on the part of insurance companies has resulted in a jump in lawsuits filed against insurance companies, many of which have been successful at thwarting the insurance company’s attempts to avoid payment of the long-term care.
Kreisman Law Offices has been handling Illinois elder abuse cases for over 30 years, serving areas in and around Cook County such as Oak Park, Chicago, Bolingbrook, and Chicago Ridge.