Los Angeles, CA – February 2, 2013: Individuals who are unable to meet health standards required by long term care insurance companies now have several options available according to industry experts.
“A growing number of people only start looking into long term care insurance because they know they have health issues which could result in a lengthy need for costly care,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national trade group. “Unfortunately, often they can no longer meet the health requirements to obtain coverage from the some insurers but that is not true for all of them.” He notes this is especially common among seniors over the age of 65.
According to the Association, a number of insurance companies offer coverage to those who might have health issues making them ineligible for protection from companies like New York Life, Genworth, Northwestern Mutual or Mass Mutual. “The options range from more traditional-looking long term care insurance policies to what I call long-term care-like coverage that will pay benefits for the vast majority of situations that arise causing the need for long-term care,” Slome notes.
Often coverage available comes with limitations national long term care insurance experts explain. “You may not be able to get coverage for say a condition lasting 20 years, but protection for conditions that last three years,” Slome explains. “But some coverage is always going to be better than none.” Costs for coverage for those with health conditions tend to be higher. “That’s due to the fact that health conditions are certainly an indication of higher risk of needing care,” he notes. “People understand that and generally if they have been declined by one long term care insurance company, they are willing to pay a bit more to get the coverage somewhere else.”
Slome expects more insurance professionals will become familiar with these options in the years to come. “For now, there are really a limited number of specialists who truly understand how these products work, the health requirements and can compare them to traditional long-term care insurance policies,” he concludes. To locate a long term care insurance agent in your area who will provide no-obligation cost quotes and answer all questions, call the Association at (818) 597-3227 or visit the organization’s website. The American Association for Long-Term Care Insurance is the national trade organization focused on educating individuals about the importance of planning for the risk of long term care.
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