Long-Term Care Insurance ---You are interested---but are you Insurable??
Rosemarie Hurley, CSA

I have written many articles over the years, but in talking with a client last week it occurred to me, based on her questions, that it might be a good idea to explain the intricacies of application underwriting-- (getting accepted).

Here’s how the process goes. Once the benefit parameters are selected and all of those decisions are made, the application is completed and then submitted to a company. Usually a telephone or a face-to face interview with the client is required. Once that is completed, medical records are requested from the primary care physician. That process can take an additional 4-6 weeks depending on the doctor’s office staff and how cooperative or busy they are.

But the most important part of this whole process is underwriting. Some of my client are confused and think that to qualify for coverage, you must be perfectly healthy. Now while that would be ideal, it is rarely the case. Like all forms of insurance, the underwriting is based on risk. Some companies are willing to take more risk than others. Some company guidelines are more favorable for one health condition than others. How can you know?

Basically if you have a health issue, i.e. elevated blood pressure or cholesterol, what is of a concern to the companies is how well controlled it is with the medications. Other health problems like, a TIA (mini stroke), or serious arthritis, will be looked at in combinations of other problems like obesity or smoking. And of course, there are a variety of health problems that are completely uninsurable. Since the underwriting guidelines different with each company, an experienced LTC Specialist can sort through it to help you chose the company where you will have the most success for a favorable decision. There is nothing more difficult for me to explain to a client that they were not approved for coverage. That is why it is very important for me to know as much as possible about your health BEFORE we submit the application.

There is no cost to apply and all deposits are refunded if you are not approved. But that is a long process for a disappointing outcome. Sometimes there are notes in the doctor’s records that are unknown to the patient. Those things are impossible to know, but a thorough and experienced Long-Term Care Specialist can help to guide you through the process for a favorable decision, or instruct you as to whether or not you should complete an application at all. In any walk of life, it is always best to seek out a Specialist. Long-Term Care Insurance is no different.

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Rosemarie Hurley, owner of Senior Insurance Solutions, has worked in the senior healthcare market for over 20 years. She has been a Long-Term Care Specialist for 16 years, and brokers with only the finest insurance companies in the industry. She is a Certified Senior Advisor, Past President of the local chapter of the National Association of Health Underwriter, and current President of the Rotary Club of Estero.