Let’s fast forward to that day in the future where you’ve shopped the market, looked at rates and policy options, and have settled in on a Long Term Care policy. What should you expect going forward?
The Medical Application
In order to purchase LTC coverage, you must complete a medical questionnaire that covers your health history. You’ll be asked whether you’ve had about two dozen serious health issues (like a stroke, multiple occurrences of cancer, etc.) to evaluate whether you can submit an application. Once these questions have been answered, you will be asked the following questions:
You’ll need to list your primary care physician as well as any recently seen specialists.
Any routine medications you are taking will be listed on the application. The company will often also request a prescription drug report from your doctor, so be as thorough as possible.
Healthy lifestyle is important and the companies will ask you questions about topics like career, any volunteer work, and even how many miles you drive a car.
While your family history does not perfectly predict what will happen to you, positive or negative, the companies have shown increased interest in recent years in collecting this information at time of application. Many applicants have family histories of Long Term Care need, so this will not knock you out of coverage automatically, but is relevant.
Home Health Interview
Once your application is submitted to an insurance company, they will schedule a face-to-face interview in your home with a state-licensed nurse who will do an evaluation. We suggest scheduling this with about an hour of time, though it may be completed more quickly.
In some cases (and with some companies), you may not need a full home health interview. In lieu of meeting you in person, it may be possible to have a telephone call in which your health history is reviewed and a simple memory test (to screen for dementia or Alzheimer’s) will be given. Don’t worry if you think you failed your telephone interview - many policyholders feel this way but most passed. A perfect grade is not required.
Did You Know?
On average, once your application is submitted, the processing time is around five weeks, start to finish. This process can be much faster or slower, depending on how quickly your doctor responds with records.
"We started with a local agent but quickly realized we may be paying too much for LTC coverage. After a discussion with LTC Tree, we determined that there was a better way. We ended up with a guaranteed premium and could not be happier.David P., Palentine Illinois