Qualifying For LONG-TERM CARE INSURANCE

How Will Your Health Affect Your Insurability?

 Long-term care insurance companies underwrite their coverage, which means they will look at your health and health history before they make a decision if they will issue your policy and at what premium rate.

If you're in great health, don't use tobacco products and don’t take any medications, then carriers will be quick to accept you because you will be a minimal risk for them. However, certain health conditions could prevent you from qualifying for long-term care insurance. Each carrier sets their own health qualifications and these qualifications can change over time.

LTC Insurance Approval Process

 In most cases you do not need to take a physical to apply for long-term care coverage. Your eligibility is based on your answers to the application questions, a review of your medical records (if requested) and, in some cases, a face-to-face assessment, or telephone interview with a nurse.

The approval process typically takes four to six weeks. By law, every policy comes with a 30-day right to review, or “buyer’s remorse” clause. If you change your mind, you can receive a complete refund by simply returning your policy during the free-look period.

You have nothing to lose by applying to see if you qualify.