It can be difficult to get long-term care insurance if you don’t pass the medical exam. However, there are a few ways that you can get guaranteed coverage, regardless of your health status. This guide will discuss how to get guaranteed long-term care insurance and what to look for when shopping for a policy.
Long-Term Care Insurance Medical Underwriting
Long-term care insurance helps to cover the cost of nursing home care, assisted living, and home health care. Traditionally, long-term care insurance requires medical underwriting to get coverage.
Like life insurance, the insurance company will review your medical history (MIB) to determine your eligibility for coverage. If you have a pre-existing condition, you may be denied coverage. However, some states have started to offer long-term care insurance without medical underwriting. This means that anyone can get coverage, regardless of their medical history. As a result, more people can get long-term care coverage.
How To Get Long-Term Care Insurance Without A Medical Exam
For many seniors, the decision of whether or not to purchase long-term care insurance is a difficult one. On the one hand, the policy can provide peace of mind in knowing that future costs will be covered. But on the other hand, the premiums can be expensive, and there is no guarantee that the policy will ever be used.
Long-term care annuities offer a way to mitigate the financial risks associated with traditional long-term care insurance. The senior pays a lump sum premium upfront with a long-term care annuity. In exchange, the insurer agrees to provide coverage for future long-term care expenses, regardless of the results from the medical underwriting process. This means that, even if the senior develops a health condition that would make traditional insurance unaffordable, they will still be able to obtain the coverage they need.
As a result, annuities can provide seniors with greater peace of mind and financial security.
How To Fund Long-Term care Insurance With IRA Funds
Purchasing a long-term care insurance policy is one of the best ways to prepare for long-term care costs. However, many people are hesitant to do so because of the high cost of premiums. One way to make the cost of premiums more manageable is to fund the policy with retirement savings. Both IRAs and 401(k)s can be used to purchase a long-term care annuity, an insurance policy that pays benefits to cover long-term care costs. By using retirement savings to fund the policy, retirees can be assured they will have the resources to pay for long-term care expenses without worrying about depleting their savings.
Several options are available to those looking to purchase long-term care insurance, and each has its pros and cons. Ultimately, it’s essential to explore all the options and choose the one that best suits your needs. If you’re interested in learning about long-term care annuities, we encourage you to request a quote. Our team will help you find the perfect policy for your situation.
Request A Quote
Get help from a licensed financial professional. This service is free of charge.