Are you eligible for long term care insurance?
There are many considerations when buying long term care insurance. For example, you need to know if you are even eligible to purchase a policy. You may believe you are, however, this is not always the case.
Depending on the insurance company, there may be pre-existing health conditions that make it impossible for you to purchase a policy. It is important to become familiar with these conditions, as they can hold you back from getting the coverage you want.
On the flipside, if you are in good health, you may be in a position to purchase the right long term care insurance at the right time.
Your responsibility when completing a long term care insurance application is to be honest. You may get the feeling that lying is in your best interest, such as if you have a medical condition, but this will only work against you in the future should you need to make a claim. The insurance company expects you to be honest, and you need to live up to this.
It is hard to determine if you are eligible for long term care insurance until you contact a provider and discuss your situation. Only then can you truly find out what your situation is and how to move forward.
There are situations in which a long term care insurance claim is denied for a good reason, such as somebody lying about a pre-existing condition. There are also times when a denial is issued when it shouldn’t have been. In this case, it is a must to appeal the decision without delay.
Source: American Association for Long-Term Care Insurance, “Long-Term Care Insurance Health Qualifications. Are You Even Insurable?,” accessed June. 01, 2015