This blog post is designed to provide general information on the subjects covered. It is not, however, intended to provide specific estate planning, insurance, tax or legal advice. Please note that LTC Consumer and its representatives do not give financial planning, tax or legal advice. You are encouraged to consult with your tax advisor or attorney concerning your own situation.

I’ve had COVID, can I still apply for LTC Insurance?

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COVID - Can I Still Apply for LTCI?

In a world with COVID everything is different; work, school, and now even holidays. But one thing remains the same, we still need to prepare for the future, protect our retirement, and look into long term care insurance. But what if you’ve been exposed to COVID, tested positive, or even spent time in a hospital? Are you still eligible to apply? Each carrier has a different protocol, but the good news is, yes, you are still eligible – eventually.

Long Term Care Insurance Carriers

For LTC Consumer’s traditional long term care insurance providers, they have implemented waiting periods as part of their health underwriting process. Mutual of Omaha says if applicants have traveled outside the US or been exposed to COVID but had a negative test, there would be a 30-day waiting period where they would be considered uninsurable. If applicants test positive, Mutual requires 3 months fully recovered and a follow-up negative test.

“You are still eligible – eventually.”

National Guardian Life didn’t specify any travel restrictions but had the same waiting periods as Mutual in regards to exposure and positive tests. Transamerica gave a 60-day waiting period to anyone who tested positive. If applicants had underlying medical issues and tested positive, Transamerica had a 2 year postponement, and if they had significant systemic residuals they would be declined.

Insurance Carriers have implemented waiting periods from 15 days to 2 years depending on the severity of the COVID situation.
Insurance Carriers have implemented waiting periods from 15 days to 2 years depending on the severity of the COVID situation.

Hybrid Long Term Care Products

Hybrid carriers – life insurance or an annuity with long term care coverage – have also stated COVID restrictions. Nationwide has a 30-day postponement for anyone who has traveled outside the US and anyone who tested positive and didn’t require hospitalization. For anyone who required a hospital stay, the waiting period is 6 months. OneAmerica simply said if there are concerns about an applicant, then his or her exam will be postponed 15 days.

Best Practices

So if you’ve been exposed, tested positive, or even spent time in a hospital due to COVID, there are still many long term care insurance options available to you. Underwriters will always look at other health issues and how well they are managed so as to know how they will affect patients’ health later on. The important thing is to be honest, and keep on top of problems early on. There may be postponements or waiting periods, to be sure full health has returned, but eventually long term care insurance will be available once again.

“The best way to research and apply for long term care insurance is to work with a specialist.”

How to Apply

The best way to research and apply for long term care insurance is to work with a specialist. Our team can listen to your unique situation and financial goals and come up with a plan together that meets all of your needs. Request a quote today and start the journey to peace of mind in your retirement years. If you read our testimonials you can see applicants say LTC Consumer specialists are knowledgeable, educational, patient, and professional.

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