Applying for Long Term Care Insurance doesn’t have to be difficult or an arduous process. Here’s what you can expect when you apply for Long Term Care Insurance (LTCI).
1. Run Rates Yourself Online
Do you have to speak with an insurance professional before you can see the rates? Not at LTC Consumer. We believe you should have access to rates from the top LTC insurance carriers instantly without needing to give your contact info and wait for a specialist to get back to you.
With our free online rate quoting tool, you can play with popular LTCI plan designs to discover what it costs for coverage based on your state of residence, gender, age, and marital status.
2. Speak with an LTC Specialist
After you run your own rates, an LTC Specialist can educate you on the coverage options available and help you decide which plan design is right for you. At LTC Consumer, we offer all the top LTC insurance carriers so you’re not limited to just one option. LTC Specialists will work with you and your budget to help you get the best coverage at a price you can afford.
Did you know LTCI isn’t only bought with your money? It’s also bought with your health. LTC Specialists will review your current health conditions and medications to help you navigate your options and decide which insurance carrier may be the best fit.
3. Apply with an Insurance Carrier of Your Choice
After you decide the level of coverage and insurance carrier you want, the next step is to apply for coverage. The application may be taken online or by paper and includes questions about your health, current medications, and doctor or specialist contact information. Insurance companies use this in underwriting to approve or decline coverage.
4. LTCI Underwriting: What to Expect
When you submit your application, underwriting can take anywhere from four to six weeks for approval. Underwriting may include:
- Phone health interview or face-to-face interview in your home by a registered nurse
- Medical records requested by the carrier from your doctors and specialists
- Prescription drug report
The length of time in underwriting often depends on how quickly you complete your interviews and how fast your doctors and specialists send copies of your medical records for review. To avoid unnecessary delays, we suggest calling your doctors, telling them you’re applying for long term care insurance, and requesting they send copies of your records as soon as possible.
Approval and Going Forward
If your application is approved, you’ll receive an insurance policy with your benefits information. Keep this in a safe place and tell your close family members you have long term care insurance including where you keep your policy. You’ll receive monthly, quarterly or annual bills going forward. Make sure to pay your premiums on time to avoid lapsing your policy.
Questions on the application process or ready to get started? Get an instant LTCI quote here and speak with an LTC Specialist to learn more about your options.
LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.