Many American’s believe that now that HealthCare Reform is the law that they cannot be declined for long term care insurance due to a pre-existing condition. Fair or not, Long Term Care Insurance is exempt from the HealthCare Reform law and medical underwriting can disqualify you from being able to buy a policy. Chronic conditions such as diabetes, chronic heart disease, obesity and others can disqualify you from coverage.
At LTC Consumer, we see about 20% of consumers that apply for long term care insurance are declined due to a pre-existing medical condition. According to the 2013 Centers for Disease Control and Prevention (CDC) report, as a society, Americans are living longer and are now living 2 years longer than we did in the year 2000. While living longer is a great thing, it doesn’t always mean we are living healthy.
There are a few things you can do to prepare yourself for applying for long term care insurance:
Ask for your own copy of your medical records. Long Term Care insurance companies care more about what your doctor says about your health than what you do. By law, everyone is entitled to a copy of their medical records and it is good to go through them and make sure you understand them and most importantly, that they are correct! We have seen a number of applicants be surprised at what the doctor’s comments were.
Work with a specialist in Long Term Care Insurance. Different companies have different underwriting standards and what one company may decline the other may accept. What is important is that you get it right the first time. Most insurance carriers now ask if you have been declined for insurance in the past and if so they will not consider extending coverage to you, so working with a specialist that has a deep experience with multiple companies is vital. Research prices and talk to a specialist today.