There’s a saying in the long-term care insurance (LTCI) industry, that the policies are purchased with your health, not your money. LTCI premiums are based on many things, but your age and health history are a large portion. The cost goes up for every year that you age, however, once purchased the premiums are locked in at that age. Normally – not always – people tend to get more health ailments as they get older. This is another reason to lock in those premiums while you’re younger and healthier.
Once you’ve spoken to one of our LTCI specialists, they will be your contact through the entire process. You will have their email, their phone number, and they will be available to answer any questions, run quotes, and guide you to the correct insurance carrier and product. Once you’ve chosen a plan, you’ll set a time to meet via screen sharing. Together you will fill out your application online and it will be submitted electronically. Your specialist will then follow the progression of your application at the carrier and ensure that any requirements are fulfilled in a timely manner.
During the carrier underwriting process, the insurance company will review your LTCI application, especially your medical history. They will most likely request your medical records and they may require a telephone health interview. Depending on your age and health issues, a few carriers do require a face-to-face interview. Your specialist will alert you if these are a possibility. If you answered yes to certain questions, or if you have certain health conditions, you may be ineligible for LTCI. However, our specialists do a very thorough prescreening to make sure this rarely happens.
The length of the entire process can vary greatly. We have one carrier who sends approvals within a week, and another who can take up to six weeks. One thing you can do to help expedite is to let your doctor’s office know what insurance carrier will be contacting them for your records and ask them to please respond promptly. For a list of common declines please visit our Qualify for LTCI page, and scroll towards the bottom.
“The best part of having an LTCI policy is the peace of mind, knowing your retirement is protected and your family doesn’t have to worry about your care when you need it most.”
At the end of the entire process – if all goes well, your agent will let you know when you’ve been approved, and you will receive your policy in the mail. Store it in a safe place and let your family or close friends know where it is. We suggest reviewing your policy every year, usually when you do taxes. The best part of having an LTCI policy is the peace of mind, knowing your retirement is protected and your family doesn’t have to worry about your care when you need it most.