The world is constantly evolving, and older adults often have a hard time staying up to date on the most recent developments. They may struggle to use modern technology and to understand changes to the law, as well as shifts in culture.
In many cases, they may simply swallow their resentments and frustrations instead of advocating for themselves. The adult children of older adults need to speak up on their behalf in certain situations. Scenarios in which insurance coverage becomes critical for financial stability are among the situations in which adult children may need to help their parents navigate a complicated system.
How can adult children assist their parents with complex insurance issues?
Reviewing coverage together
One of the simplest ways to protect aging parents from professionals who might take advantage of them is to help them understand their rights. Reviewing the terms of an insurance policy can be the first step toward helping parents access their coverage.
In many cases, they may need help understanding their policy limits and deductibles, as well as any special circumstances that might limit their eligibility or a claim. Adult children can evaluate the policy held by their parents and help them understand when they can file a claim and what they might be eligible to receive.
Identifying bad faith practices
Many older adults trust businesses to act in their best interests. They come from a generation where employers kept the same workers for decades and prioritized client retention above finding a new customer base.
Those priorities have substantially shifted, which is one reason why bad faith insurance practices run rampant. Adult children may need to educate their parents about the likelihood of a delayed claim, an unfair claim denial or an unreasonable settlement offer.
Recommending assertive action
Particularly in cases where parents indicate they intend to settle a claim prematurely or give up because insurance professionals have given them the runaround, adult children may need to convey the importance of taking legal action. Those facing bad faith insurance practices and policyholders denied appropriate coverage may need encouragement to take the necessary step of reviewing the situation with an attorney.
Getting help is often important when aging parents can’t access the long-term care insurance coverage they need for medical issues or the homeowners coverage they need to repair their house. Adult children often need to guide and encourage their parents to navigate an insurance-related conflict.