More and more Americans are retiring abroad. What does this mean for your Long-Term Care Insurance coverage? In many cases, benefits will either be reduced or the time period for which they are paid will be shortened. For instance, Genworth tends to cut its benefits payments in half if you reside outside the U.S., and John Hancock often limits the coverage period to one year. Some companies will not offer LTC coverage if you reside in a non-English speaking country because companies are not equipped to deal with medical records in a foreign language. As always with any type of insurance, to determine what your policy will cover and what it won’t you need to read your specific policy. You may want to look at the policy exclusions and if that section does not clearly address the issue look for any provisions regarding international benefits. If your policy does not address these issues, talk with your insurance professional about possible solutions.
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