As with health, life or any other kind of insurance, companies have limits as to whom they’ll issue a policy.
Yet those who don’t meet the typical health and age standards for buying a long-term care insurance policy might still be able to obtain coverage.
According to the American Association for Long-Term Care Insurance, this issue is prevalent among those beyond age 65.
“A growing number of people only start looking into long term care insurance because they know they have health issues which could result in a lengthy need for costly care,” Jesse Slome, AALTCI’s executive director, said in a statement. “Unfortunately, often they can no longer meet the health requirements to obtain coverage from the some insurers but that is not true for all of them.”
According to the association, a number of insurance companies offer coverage to those who might have health issues making them ineligible for protection from companies like New York Life, Genworth, Northwestern Mutual or Mass Mutual.
“The options range from more traditional-looking long term care insurance policies to what I call long-term care-like coverage that will pay benefits for the vast majority of situations that arise causing the need for long-term care,” Slome said.
This coverage typically comes with certain limitations, such as length of care provided.
“You may not be able to get coverage for say a condition lasting 20 years, but protection for conditions that last three years, but some coverage is always going to be better than none,” Slome said.
As with health insurance, premiums for long-term care insurance tend to be higher for those with medical conditions.
“That’s due to the fact that health conditions are certainly an indication of higher risk of needing care,” Slome said. “People understand that and generally if they have been declined by one long term care insurance company, they are willing to pay a bit more to get the coverage somewhere else.”
Slome expects more insurance professionals will become familiar with these options in the years to come.
“For now, there are really a limited number of specialists who truly understand how these products work, the health requirements and can compare them to traditional long-term care insurance policies,” Slome said.
