Nearly half of individuals who apply for traditional long-term care insurance after age 70 have their applications declined by an insurer according to Jesse Slome, director of the American Association for Long-Term Care Insurance.

"Consumers simply are not aware of the need to health-qualify for long-term care insurance so they delay looking into this important protection," explains Slome.  "After age 65, it gets increasingly hard to be accepted for this protection."  Insurers will look at applicant health records including prescription medications that show up in an applicant's health records.

According to Slome, nearly half (47%) of individuals who applied for traditional long-term care insurance between ages 70 and 75 were either declined or deferred their application.  Over one-third (38.2%) of those applying between ages 65 and 69 were declined. The data comes from the just released 2022 Milliman LTC Survey.

"The sweet spot for looking into long-term care insurance is generally between ages 55 and 65," Slome suggests. "Once people are covered by Medicare they start seeing more doctors which is great but often increases the likelihood that medical conditions will be included as part of their health records."

Traditional insurers typically stop taking applicants after age 75, Slome notes. "However, there are linked-benefit and short-term care policies that will accept older applicants," the long-term care insurance expert notes. "They will have health requirements as well but sometimes they can be easier to qualify for and should definitely be considered as viable options for those who want this protection."

To access the latest long-term care insurance statistics including the decline rates starting at age 40, go to https://www.aaltci.org/ltcfacts-2022.php

The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of long-term care planning and supports insurance professionals who market both traditional and hybrid long-term care solutions.  To access information, go to https://www.aaltci.org or call the organization at 818-597-3227.