If you’ve ever bought insurance, you know how big of a role your health plays in your eligibility, and you know that the more health problems you have the less likely you’re going to get the coverage you need. As an insurance agent, I have seen people who want to get a policy but are unable to qualify because they have something in their medical history that knocks them out. So, if you plan on getting any kind of coverage, you should do it while you’re still healthy, and you should definitely not put it off. Long term care insurance is no exception to that rule, as underwriters for these types of policies go through the same rigorous check as any other type of insurance.
Most people do have some minor health issues (such as high blood pressure or Diabetes), and that is especially true for people who are in their fifties. They usually take some sort of prescription medication to manage these conditions. So, they’re able to keep it under control. These types of health problems won’t necessarily affect your eligibility, but you might not be able to get a preferred rate.
The health requirements for each company can vary. Some are stricter than others, and they’re always subject to change. So, it’s important to talk to your agent about any health issues you have had, as well as any problems you’ve had in the past. Once the agent has more detailed information about your history, he or she can find a policy that you’re able to qualify for.
If you’re still in good health, you might be able to qualify for a preferred rate, which is usually locked in for the life of the policy. In other words, that rate will never change because of your age or health. So, if you fit into this category, now is the time to get coverage, because doing so could save you hundreds (perhaps thousands) of dollars in premiums.
You also have to bear in mind that any pre-existing condition can affect your eligibility, and you shouldn’t bother applying if you have any of the following conditions:
- AIDS/HIV
- Alzheimer’s Disease
- ALS
- Cystic Fibrosis
- Dementia
- Hemophilia
- Hepatitis
- Any autoimmune disease
- Kidney failure
- Cirrhosis of the liver
- Memory loss
- Multiple Sclerosis
- Muscular Dystrophy
- Paralysis
- Parkinson’s Disease
- Post-Polio Syndrome
- Schizophrenia
- Sickle-Cell Anemia
- Lupus
You aren’t eligible for coverage if you use oxygen or a multi-pronged cane, and you won’t be able to qualify if you use crutches, a walker, or if you’re using a wheelchair. You also won’t be able to get coverage if you’re using the following services:
- Home health care
- Adult day care
- Assisted living
- Nursing home care
It’s important to get long term care insurance at the right time, but if you wait too long you could find yourself unable to get the coverage you need. Doing it while you’re still healthy enough to get a good rate can save you a lot of frustration (and money) in the long run. So, be sure to talk to a long term care agent in order to find a policy that best suits your needs.
My mom has had a long-term care insurance for six years. And, it seems like she has used it really well and it was really a good decision to get one.
great article.
I work in an insurance agency and talk to the underwriters quite frequently. one thing I want to make a note of is if you’re currently treating Hep then don’t apply. If you’re a hep b carrier, or have had hepatitis you can still get up to a standard rating. I’ve seen someone who’s a hep b carrier received best rate.
It’s really great information about this Health Requirements for Long Term Care Insurance. It’s very inspiring to read this kind of blog. Thanks and God Bless.
How early do you think is too early? My husband and I are both in our early thirties and are in good health. We have coverage through my husband’s work but I am at home now with our daughter. We are working towards financial independence at which point, my husband would leave his day job (woo hoo!), we often debate about when we should seek external health insurance.
The worst situation you can leave your spouse in is to deplete the emergency fund (or retirement account) because for medical reasons. Long term care is probably more important even than health insurance. At least health insurance is a one time hit. Imagine living for 10 years with Alzheimer’s in retirement. That racks up a pretty big bill.
On the other hand, getting LTC insurance when you’re 20 is silly. I usually recommend to my students that they consider LTC somewhere around the age of 60. That’s when the risk of all the diseases Pauline listed go up dramatically.
Now for health insurance, you always need to have that (note, it’s not the same as LTC insurance). Medical bills are the number one cause of bankruptcy, don’t let them get you!
Congrats on your independence!
I worry that my parents may not meet the requirements for the LTC, major concerns are knee replacement and diabetes running in our family. It’s something my parents and I need to look into over the next couple years.
I once worked for an insurance company and it has always been an issue in the health insurance department. Knowing some agents and employees just take in the client compromising the company’s credibility with some policies, as long as they could reach their quota. It’s a tough job and you get scolded with your account by the client, you get scolded by head departments and the rest is a headache. But, yeah, we need to feed our family and keep breathing.
Hey!
This is really amazing . I think this is something I will be considering talking to my friends when they get older. 🙂
And I must say that Long term care insurance is designed to protect you and your loved ones in the event that long term care is needed.
Most long term care insurance policies offer coverage in the Rehabilitation training at home or in a nursing home & Skilled nursing administered either at home or in a long term care facility.
Additionally, Many Long-term Care policies offer an option that allows you to choose whether you want coverage only for nursing home care, or only for home care.
Long term care insurance could erase all our worries and provide us with peace of mind at the same time.
Thanks a lot buddy for sharing this information.
Keep doing good work.
Blessings to you ! 🙂
Is there a health insurance plan that offers an affordable cover for diabetes and other major diseases?
Hey Pauline, Thanks for the awareness, Thank God I don’t have any kind of disease which means I am eligible but my question is I have a migraine and I don’t think a migraine can affect my insurance, right?
Great post, I want to discover more about this subject matter in the future!