Long term care insurance unavailable
originally posted: 11/22/2006 reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email asktony@tonynovak.com.
Q: We are considering buying Long Term Care insurance and I wanted to know your thoughts on which one would be good for us. I have muscular dystrophy. I am 58 years old and otherwise in good health. This is a very slow progressive disease that was diagnosed about 30 years ago. I am currently in and out of needing wheelchair assistance.
A: Long term care insurance is probably not an option to you because of your current health status. You are not be alone in this eligibility difficulty, the long term care insurance industry estimates that by the time people seriously consider buying long term care insurance, less than 60% are eligible for coverage. Basically, you have to enroll while you are healthy before there is any clue that insurance will be needed. Some people with lifelong illnesses (you may be in this category) never meet the eligibility criteria. In your case, other financial planning strategies that do not rely on traditional long term care insurance will be more effective and we should address those alternate options instead.
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