Can You Qualify For Long Term Care Insurance?

Qualifying for Long Term Care Insurance

Most buyers of long term care insurance (traditional or hybrid) are in their 40’s, 50’s, 60’s or 70’s.

There are a number of factors that go into determining a premium including age, sex, marital and health status, benefit amount and time period (collectively referred to as a “pool of money”), waiting (so-called elimination) period, and optional benefits such as inflation protection riders or shared care riders.

People in excellent health can generally receive the best health class rating from a long term insurance company.  The fact is, however, that a majority of people who are considering the purchase of a long term care insurance policy have some health histories ranging from certain medical conditions (current or past) to smoking (current or past).

In many cases people with significant medical histories and/or who are smokers, are able to buy long term care insurance.  The key is to work with a qualified advisor who will do their homework upfront with the applicant before any application is submitted to an insurance company.

There are certain medical conditions that are not insurable such as some cognitive conditions are like Alzheimer’s disease, Parkinson’s disease or Dementia, but many medical conditions may be.

It’s also important to know if there are co-morbid (simultaneous) conditions present.

In some cases, some insurance companies may make an offer if there has been a period of time since the last treatment of some condition. There are various waiting (postponement) periods depending on the condition.

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