“Consumers simply are not aware of the need to health-qualification 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 include 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 association research as well as the just release 2022
“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 more doctors which is great but often increased the likes that medical conditions will be included as part of their health records.”
Traditional Insurers Typically Stop Taking Applicants After Age 75, Slome Notes. “Howver, there are links and short-term care policies that will accept 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 included the decline rats starting at age 40, go to https://www.aaltci.org/ltcfacts-2022.php.
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Read the full story here: https://www.pr.com/press-release/865430
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