Tobacco Users Getting Offered Long Term Care Insurance

Tobacco Users Getting Offered Long Term Care Insurance

Smokers/Tobacco Users May Receive Standard Long Term Care Insurance Rates Spotlight Series on Select Health Conditions and Long Term Care Insurance This week’s focus… Can Someone Who Smokes Buy Long Term Care Insurance? This is actually a relatively easy question to answer. The answer is YES. If you have health conditions that may be in part or wholly due to smoking, those conditions are considered largely on their own. Continued smoking with certain health conditions may present more of a risk than a long term care insurance underwriter wants to assume and, in that case, you may not be able to get an offer. The real question assumes that there are no major complications in your health other than you smoke. If you are a smoker, how much will your long term care insurance cost? The answer may surprise you. Another question to consider is how long after you’ve stopped smoking will you have to wait to be considered a “non-smoker” (with the possibility of received better insurance rates)? What is a Smoker? Smoking with most insurance companies if broadly defined as any product with nicotine…cigarettes, cigars, pipe, chewing tobacco and so-called e-cigarettes. If you smoke medical marijuana (need license) there is currently one company who issues traditional long term care insurance that will underwrite you. There are several companies who offer hybrid or asset-based products (long term care benefits combined with a life insurance or annuity) who will underwrite you using their smoker health class. Some long term care insurance companies require an applicant to take an abbreviated medical exam called a paramed exam (typically done in the...
Can I Still Get Long Term Care Insurance After A Heart Attack

Can I Still Get Long Term Care Insurance After A Heart Attack

Can I Still Get Long Term Care Insurance If I Have Coronary Heart Disease? Even after a coronary attack, you may be able to qualify for Long Term Care Insurance Spotlight Series on Select Health Conditions and Long Term Care Insurance This week’s focus… Can Someone with Coronary Heart Disease Buy Long Term Care Insurance? As with any serious health condition the answer is not always Yes; but more importantly, not always No! There are many cases where someone with coronary heart disease can secure long term care insurance coverage. Working with a qualified long term care insurance advisor is extremely important if you, or someone you know, has this disease and is interested in getting long term care insurance coverage. Some Facts… According to the Center for Disease Control and Prevention (CDC), roughly 26.6 million Americans are diagnosed with some form of heart disease. It could come as no surprise that heart disease is the leading cause of death in both women and men. Heart disease can consist of many different types of diseases. Just a few common examples would be coronary heart or artery (ischemic), rheumatic or valvular, hypertensive or inflammatory heart disease. For purposes of this blog we’ll focus in on coronary heart disease. Approximately 1 in every 13 adult Americans have coronary heart disease. Often time a heart attack is the end result of having some form of heart disease, especially coronary heart disease. The American Heart Association reports that every year around 735,000 Americans experience a heart attack. The average age for women is 70 and for men 66. Coronary heart disease is generally defined...
Cancer And Long Term Care Insurance

Cancer And Long Term Care Insurance

Long Term Care Insurance And Cancer Survivors Is It Possible For A Cancer Survivor To Get Long Term Care Insurance? Spotlight Series on Select Health Conditions and Long Term Care Insurance This week’s focus… Can a Cancer Survivor Buy Long Term Care Insurance? There is good news in many cases if you’ve had cancer in the past. Although no company can underwrite you if you currently have been diagnosed with some form of cancer, most companies will consider underwriting you if sufficient time has passed since your last treatment. In cases of basil or squamous cell skin cancer, you may even qualify for a company’s top underwriting class without having a waiting period. According to the American Cancer Society (ACS), there are 13 million American cancer survivors alive today, and the numbers are growing. In large part this is due to advances in detection and treatment. The ACS also reports that the 5-year relative survival rate for all cancers combined diagnosed between 2004 and 2010 is now 68%. This is up significantly from 49% in 1975 to 1977. Cancer is an equal opportunity disease. It afflicts women and men, young and old. I’m not going to cite many statistics because I think we all know this is disease that continues to be a medical issue of great concern to us all. According to the American Cancer Society, breast cancer is the most frequently diagnosed cancer in women with the exception of cancers of the skin, while prostate cancer is the most frequently diagnosed cancer in men, again aside from skin cancer. Because I lost a sister-in-law to breast cancer,...
Diabetics And Long Term Care Insurance

Diabetics And Long Term Care Insurance

Diabetes And Long Term Care Insurance What A Diabetic Needs To Know To Help Get Approved For LTCi Spotlight Series on Select Health Conditions and Long Term Care Insurance This week’s focus… Can a Diabetic Buy Long Term Care Insurance? So can someone with Type 1 or Type 2 diabetes buy long term care insurance? The answer is in many instances Yes and, in some cases, No. Typically, a diabetic just assumes the answer is No and fails to go any further…and this is the reason for this blog! Diabetes can happen at any time (I would know…my mother and younger brother were both Type 1 Juvenile diabetics and my older brother was just diagnosed Type 2). And with so many Baby Boomers reaching their mid-50’s and 60’s it is becoming an increasing concern for this huge population. In a recent annual report from The Centers for Disease Control’s (CDC) National Center for Health Statistics which looked at 2014 statistics on the health of all Americans it was reported that almost 20% of baby boomers between the ages of 55 – 64 had some type of diabetes. People in their 50’s and 60’s are also seriously looking at the costs of future long term care. Many have seen the impact of long term care costs with their parents. And to compound things, in these time of volatile financial markets, people are looking at ways to protect much less growing their hard-earned retirement funds. Underwriting someone with a medical condition for long term care insurance is not always “black and white.” In the world of long term care insurance perhaps the most...
November 2015 Long Term Care Awareness Month

November 2015 Long Term Care Awareness Month

November Is Long Term Care Awareness Month Every day in America for the next decade, over 10,000 members of the baby boomer generation will be turning 65. Millions of baby boomers are ill-prepared for the potential consequences associated with living longer lives. It is estimated that more than 70% of individuals over age 65 will require some type of long term care services. In recognition of this serious potential problem, the U.S. Congress first declared November as Long Term Care Awareness month back in 2001. In order to help drive awareness for this month long campaign, LTC Planning Partners will be featuring an “In The Spotlight Series” which will focus on some of the more common Health Conditions faced by baby boomers and the impact the condition(s) may have on one’s ability to obtain long term care insurance coverage. We will publish an article each week in November. Articles will relate to Long Term Care Insurance (LTCi) and: • Diabetes • Cancer • Heart Attack • Smokers / Tobacco Users A key emphasis in this series will be the importance and benefits of seeking out an independent LTCi Advisor when planning for Long Term Care, especially if you have any significant medical history. Each Long Term Care insurance company will view individual health condition(s) differently, and an experienced LTCi Advisor can help you shop for the appropriate company and coverage based on your situation. Many Americans who have had, or currently have, any of the above health conditions (among others) may be under the impression that their health history would disqualify them for coverage. In many cases, coverage may...
Is an Asset Based / Hybrid Long Term Care Insurance Policy Right For You?

Is an Asset Based / Hybrid Long Term Care Insurance Policy Right For You?

Asset Based / Hybrid LTC insurance policies What are they and are they right for you? What is an “asset-based” or “hybrid” LTC insurance policy and is it right for you?  These policies offer long term care insurance benefits similar to traditional, or standalone, LTC insurance policies, but are a part of either a life insurance policy or an annuity. As such it’s difficult to make any direct comparison of a traditional long term care insurance (LTCi) policy with a hybrid LTCi policy. There some similarities as well as some notable differences. Hybrid LTC insurance policies were created to address some of the perceived shortcomings of a traditional LTC insurance policy. First, traditional LTCi policies rates (ie, premiums) are not guaranteed to ever change. While the policy is guaranteed to not be cancelable by the insurance company if you are paying your premiums, the insurance company can request a state insurance department to allow it to change premiums on an class of existing policies under certain circumstances (not always that easy to do, but possible). Think of a traditional LTCi policy as being similar to a health insurance policy in this regard. In fact, policy owners of some LTCi policies that were sold years ago have experienced premium increases that were due to a number of factors; for example, an insurance company’s claims were more than the company expected or the company experienced poorer investment returns than expected, just to name a few possible reasons. While LTCi policies offered by insurance companies today have been priced with more claims experience and in a lower investment environment (so in theory...