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Qualifications for Long Term Care Insurance Coverage

Are you planning to purchase a long term care insurance (LTCI) policy? If you answered yes then you should probably be talking to a licensed LTCI agent already, or perhaps checking the cost of care in your area by requesting long term care quotes before you start manifesting health problems.

I used to think that all it takes to be able to clinch a comprehensive LTCI policy is a chunk of cash but I was wrong. Insurance companies are more concerned about a person’s health than his bank account. So even if you currently have a nest egg of $500,000 if the state of your health fails to impress them, your application for an LTCI policy is bound to be rejected.

Pre-existing conditions are a no-no to insurance firms marketing LTCI policies, so if you have any of the following your chances of qualifying for a policy are very slim:

• Alzheimer’s Disease
• Liver Cirrhosis
• Parkinson’s Disease
• Schizophrenia
• AIDS/HIV
• Muscular Dystrophy
• Dementia
• Hepatitis
• Paralysis
• Multiple Sclerosis

Some companies would also refuse coverage to individuals with functional limitations in the activities of daily living (ADL) namely eating, bathing, dressing, toileting, continence, and transferring. However, there’s a few that would provide long term care coverage in exchange for a higher premium.

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