Is It Possible To Buy
Long Term Care Insurance
With A Pre Existing Condition?
For anyone who has already fallen ill and is looking at long term care insurance, your top priority is the simple question “Is it possible to buy long term care insurance with a pre-existing condition?”
All too often, we delay examining the possibility of what will happen to us should we be stricken with a serious disease or a degenerative condition, requiring long term care.
Is it really too late once you have a pre-existing condition, or is there still hope of securing a long term care insurance package?
Past Long Term Care
Insurance Policies
Long term care insurance policies were once extremely strict about pre-existing conditions, however, they have evolved with time. In the past, if you had any type of pre-existing condition, the simple and quick answer from insurance underwriters was no. Overall good health was not considered and age was not considered. But luckily now things are different.
Current Long Term Care
Insurance Policies
If you happen to have certain pre-existing conditions, long term care insurance companies will not insure you. If you have already been diagnosed with Parkinson’s Disease or Alzheimer’s or another type of degenerative condition, you need to look in a different direction to help finance your long term care.
No insurer will take on a policy that is practically guaranteed to pay out more than it ever earns. However, if you have other types of pre-existing conditions like cancer, diabetes or stroke, you may still be eligible for long term care insurance. Such illnesses are not guarantees that you will need long term care, therefore, underwriting has gotten a little looser under certain circumstances.
Be Sure To Disclose All
Pre-existing Conditions
A pre-existing condition is any medical condition which you have presently or have previously had, regardless of whether you sought medical attention or not. Some companies will go back far into your medical records looking for such conditions, while others will not.
The insurer may exclude any claims occurring from the pre-existing condition for the first six months of the policy or he may not. It is at their discretion. However, be sure to honestly disclose any health condition.
By not doing so, you are giving a company grounds to not only refuse a claim you might make but to cancel your policy altogether. You may still be refused coverage due to one of the above named conditions, especially if your medical condition is not stable.
Cost Of Long Term
Care Insurance
Bear in mind that even though companies will now cover you even if you have certain pre-existing medical conditions, you will have to pay for it, literally. Your rates will certainly be much higher than those of your peers with comparable coverage who have been healthy. Yet, for your own financial security and that of your family, it may still make sense to invest in such a policy.
Make Sure You Read
The Fine Print
Make sure that when you take out a long term care insurance policy, you are clear on what to expect and what the limitations may be. Regardless of the type of medical condition you may have experienced in the past, it may be something completely different that causes you to need long term care in your future.
Be sure that your policy covers you adequately for different types of care, for a sufficient period of time and that the elimination period is not too long for your finances. Above all, take time to review your policy and ask questions before buying it. Long term care insurance is a protection that may be the difference between a good experience with long term care or a very unpleasant one.
Start Finding Long Term
Care Insurance Quotes Now!
Now that you have an answer to your question “Is it possible to buy long term insurance with a pre existing condition?” you can get some quotes to help you along the way.
Comparing multiple quotes from top insurance companies is the best way to make sure you get the long term care insurance policy you want.
Use our free long term care insurance quote finder at the top of the page to easily compare multiple quotes side by side!
