Being Turned Down For Long-term Care Insurance: Why It Happens And What To Do
Did you know that not every person who needs long-term care insurance will qualify for it
? This is a very scary thought, especially when you realize that the vast majority of people will need some level of long-term care at some point in their lives. Long-term care, whether its provided in a nursing home, an assisted living facility, or in the persons own home, can be extremely expensive. Thus, without long-term care insurance, families are left to foot outrageous bills or to become the caregivers themselves, something that be extremely draining and demanding.One of the most common reasons that people are denied long-term care insurance is because they are already in need of help with what is termed in the industry as the activities of daily living. These activities include things like bathing and personal hygiene, getting dressed, using the bathroom, relocating from one place to another, incontinence issues, and eating. The key, of course, is to get long-term care insurance before these needs arise. Plus, the earlier you secure insurance, the more likely it is that you can lock in an affordable rate. So, whenever possible, get long-term care insurance before you need it, not after the fact.
Other reasons that people tend to be denied for long-term care coverage include already using long-term care services, having auto immune deficiency syndrome (AIDS) or an AIDS related complex, having Alzheimers Disease, suffering from dementia or cognitive dysfunction, suffering from a progressive neurological condition such as multiple sclerosis or Parkinsons Disease, having had a stroke recently or having a history of strokes, or having metastatic cancer. Obviously, none of us knows what life holds, which is why its always a good idea to prepare for the worst and get long-term care insurance early on. If you already have long-term care insurance and develop one of the conditions mentioned above, then you will be taken care of.
Of course, if its too late and you already do meet one of the common ineligibility requirements, there are still things that you can do. One option is to pay for care yourself or to rely on family members to pay for or provide care. Obviously, this isnt a desirable option, but sometimes it is the only one. Your other option is to keep looking until you find an insurance company that will agree to insure you, despite knowledge of your situation or condition.
Just because one insurance company denies coverage to you doesnt mean that all insurance companies will. Some are more lenient and will provide insurance in spite of your condition, although this will usually mean a higher premium cost to you. Your best option, if youre trying to get insurance after the fact, is to work with an insurance firm that sells a wide range of insurance products from different providers. That way, if there is insurance out there that you can qualify for, your firm will be sure to find it.
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