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Posted 4/28/2015 9:59 PM (GMT 0)
Have any of you who have applied for Long Term Care Insurance been turned down or had to pay increased rates to get LTC insurance? I'm looking into getting a policy. It's very expensive, but it may be worth it.
Posted 4/28/2015 11:17 PM (GMT 0)
Just be sure to have a good read on what the benefits are, and whether the premiums will be worth it. My mother, like many of her generation, paid for it for years, and is just now, at 92, starting to collect on it. But her policy had a three-month exclusion period and now pays only $120 a day, which is something but not really all that helpful. I can imagine what the current value of all the premiums she paid over the years would be worth today, and I'm sure it's a lot more than what she will ever collect. And how many never collect anything, but die suddenly or before the exclusionary period is through? I'll bet the general consensus among financial advisers is to do something else with the money.
Posted 4/28/2015 11:37 PM (GMT 0)
Tim, I would think that with the long period of time that you've been PC free, you have a good chance of being underwritten, assuming no other problems.
LTC is different than Life Insurance. I was almost turned down because I had knee surgery, but after appeal was accepted. They are not concerned about death, when it comes to LTC, more concerned about total disability.

I'm a financial adviser, and every year when I get the bill, I think about canceling, but for many, it's a necessary thing, unless you are willing to take your chances.
Big risk is rate increases over th shears, many insurance companies have gotten 10-20-30% rate increases because of worse than expected claims experience.

But I think in your situation, you won't be turned down due to PC history, although they will probably want to see the post surgical pathology report
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