Individuals are not aware of the importance of their health when applying for long-term care insurance according to the American Association for Long-Term Care Insurance (AALTCI).
"When it comes to long-term care insurance, your money pays for the coverage but it's really your health that buys it," explains Jesse Slome, director of the long-term care insurance organization. "Insurance companies will only issue coverage to those individuals who meet pretty stringent health standards."
The organization reports data revealing that a significant percentage of long-term care insurance applicants are declined by insurers each year. Long-term care insurance decline rates for a couple can exceed 60 percent for one of the spouses.
"Your height and weight matter, your blood pressure matters, and the medications that have been prescribed matter even if you are not taking them," Slome explains. "A typical insurer will have lists of drugs that will make you uninsurable and some of the lists are several pages long."
The Association recently posted a webpage addressing long-term care insurance health conditions with information designed to help consumers gain a better understanding of this important issue. "Some of the conditions people assume will make them uninsurable may actually be acceptable," Slome points out. "For example, if you have had a stroke, insurers may issue coverage following a period of time and, of course, depending on other limitations or medications you are taking."
In addition, policies often called short-term care insurance or home care insurance policies may be viable alternatives when health issues preclude acceptance for traditional long-term care insurance. "The important thing to know is that when you have health issues, you want to avoid being declined," Slome advises. "A good long-term care insurance specialist will know which insurers are most likely to accept an application from someone with specific health issues. That's your best route to getting this important protection."
The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of planning and supports insurance professionals who market both traditional and hybrid LTC solutions. To obtain long-term care insurance costs call the organization at 818-597-3227 or visit their website at www.aaltci.org.
Jesse Slome is director of the American Association for Long-Term Care Insurance. He also directs the American Association for Critical Illness Insurance and the American Association for Medicare Supplement Insurance. To find local Medicare insurance agents,utilize the organization's free online directory.