To purchase a long-term care insurance policy individuals must meet health standards as well as height and weight criteria. Many people who take the time to apply for long-term care protection are declined because of existing health conditions or medications taken.
“You can be accepted for short-term care insurance even if you were declined for long-term care insurance. A STC specialist will know which companies are most likely to approve your application for coverage.”
National Advisory Center for Short-Term Care Information
If you were declined for long-term care insurance for health or cognitive reasons, short-term care insurance may be an option available to you.
If you (or someone you know) has existing health issues … or some cognitive issues … they definitely should consider short-term care insurance.
SHORT-TERM CARE INSURANCE COVERAGE CAN BE EASIER TO HEALTH QUALIFY FOR
It is generally easier to meet the health requirements for short-term care insurance protection. In fact, some applications consist of as few as four (4) “YES – NO” health questions. No medical records may be required. No cognitive interview may be conducted.
SOME VERY RELEVANT FACTS ABOUT DECLINES
Nearly half (44%) of the seniors over age 70 who took the time to submit an application for long-term care insurance were declined by the insurance company.
By comparison, some short-term care insurance companies report accepting 98 percent of applicants. Some insurers will accept applicants up to age 89.
2014 Percentage of Applicants Declined for Long-Term Care Insurance
Ages 60-69 25%
Ages 70-79 44%
Source: 2015 LTC Sourcebook, American Association for Long-Term Care Insurance
2015 Percentage of Applicants Declined for Short-0Term Care Insurance
Ages 61-70 8%
Ages 71-80 14%
Over Age 80 15%
Source: 2016 Industry Study, National Advisory Center for Short-Term Care Information
While short-term care insurance plans offer more limited benefits, consider the following; first, some 41 percent of all long-term care insurance claims are 1 year or less. And, if you ever need care, having some coverage in place gives you added choices and options. That year of benefits will give you time to put a loner-term plan in place.
LEARN MORE ABOUT SHORT-TERM CARE INSURANCE PROTECTION: If you or someone you know has been declined for long-term care insurance and the agent never suggested a short-term care insurance option, call us or request a no-obligation free short-term care insurance cost comparison from a designated Center specialist.