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Blog > Advance Planning > When Should You Buy Long-Term Care Insurance?


When Should You Buy Long-Term Care Insurance?

senior couple speaking to attorney about LTCI
November 6, 2020 Advance Planning

Long-Term Care Insurance (LTCI) is one of the most common tools used in the advance planning process. LTCI is an insurance policy that provides benefits in the event of a long-term care stay. In addition to a nursing home stay, these benefits can typically be used for at-home care or an assisted living facility. But when is the best time to purchase a Long-Term Care Insurance policy?

Planning Ahead with LTCI

Similar to other advance planning tools, LTCI must be purchased before you require long-term care. Traditional LTCI policies can be issued to individuals up to age 79, while Hybrid LTCI can be purchased by individuals up to age 86. Both types of LTCI have a comprehensive underwriting process, which includes evaluations of the individual’s health and abilities. If you are denied LTCI coverage, an official denial will show up on your record, and you may have trouble seeking coverage in the future. That’s why it’s important to have a good idea of whether or not you would be a good candidate before applying.

Are You a Good Candidate for LTCI?

If you’d like to get a better idea if you or a loved one might qualify for Long-Term Care Insurance, ask the following questions. If you answer, “No,” to these questions, you may be a good candidate for LTCI.

  • Do you use a wheelchair, walker, respirator, dialysis machine, stairlift, or oxygen machine?
  • Do you require assistance with eating, bathing, dressing, or toileting?
  • Do you need help transferring into and/or out of a bed or chair?
  • Do you have trouble maintaining continence?
  • Have you ever been diagnosed with AIDS, HIV, or ARC disorders? Have you tested positive for antibodies for the AIDS virus?
  • Have you ever been diagnosed with or presented symptoms of Alzheimer’s disease, dementia, memory loss, multiple sclerosis, muscular dystrophy, ALS (Lou Gehrig’s disease), or Parkinson’s disease?
  • Are you incapable of walking four blocks or climbing two flights of stairs?

Before seeking out an LTCI policy, you may want to explore your pre-screening options to avoid potentially receiving a denial on your record.

If you’d like to learn more about Long-Term Care Insurance or other advance planning tools, get in touch with our team at Senior Care Counsel.

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