There is an old saying implying that although people pay for long-term care insurance with money, it is ultimately their health that will truly buy it. This is because some preexisting conditions disqualify people from obtaining coverage. Those who are in good health should start the process of shopping for and obtaining long-term care insurance as quickly as possible. The majority of Americans have one or more health issues. These could be anything from anxiety and depression to hypertension or cancer. Even those who have health conditions may qualify for specific types of long-term care insurance, but it is best to discuss options with an agent who specializes in this type of coverage before making a decision. Professional agents have access to a wider variety of options to offer consumers.
Standards for health underwriting vary between insurers. They can also change from time to time, so it is important to work with someone who has expertise and will shop the market before submitting an application. This will help save time and money, and it will lower the chances of being declined for coverage. Good health can earn a person a preferred discount, which will save even more money. In addition to this, the discount is locked in, so it is not possible to lose the good health status and price break even if health issues change in the future.
Researchers recently conducted a survey that showed the percentage of applicants who qualified for discounts and the percentage who were declined. They concluded that it was best to start the shopping and comparison process at an early age, and they said people who are in their 50s should definitely start shopping if they have not started already. There are several preexisting conditions that can make it impossible to qualify. People who have any of these issues are usually wasting their time by requesting quotes:
– Individuals who use crutches, multi-prong canes, oxygen, wheelchairs or walkers.
– Individuals who need assistance with transportation, banking, using the phone or shopping.
– Individuals who require care in a nursing home, assisted living facility, adult day care or in the home.
– Individuals who need help with feeding, dressing, bathing, toileting, bowel continence, urinary continence and transferring between chairs and beds.
There are several specific illnesses and diseases that also disqualify people automatically from being approved for long-term care insurance. These include the following:
– AIDS or HIV
– Cystic fibrosis
– Hepatitis C
– Liver failure
– Muscular dystrophy
– Memory loss
– Kidney failure
When it comes to health and auto insurance, many high-risk individuals still have options but with higher price tags. Unfortunately, there are no other options for people with any of these disqualifying illnesses or conditions. Everyone should stress the importance of buying this valuable coverage before it is too late. Long-term care bills can pile up quickly and total into the tens of thousands in the span of several weeks. For those who are in relatively good health, now is the time to start shopping and planning on buying long-term care insurance. To learn what options are available, call ACBI at 203-259-7580 or visit our website.