Good News About Chronic Conditions and Long-Term Care Insurance

It has always been frustrating for individuals who suffer from serious and debilitating illness to read about insurance protection. The very nature of insurance usually makes securing insurance policies difficult, if not impossible, for those with chronic medical conditions. This has certainly been the case when it comes to Long-Term Care insurance and a host of chronic and debilitating conditions. Yet, there is good reason for those with early stage MS, Parkinson’s and other serious diseases to be optimistic. Certain carriers will consider coverage on a limited basis.

While medical insurance pays for physician and hospital procedures pertaining an acute injury or disease, it does not pay for extended custodial services associated with chronic conditions that limit one’s ability to function independently. Fortunately, Long-Term Care insurance does pay for custodial services when individuals need daily assistance with personal care matters. These “activities of daily living” include bathing, dressing, toileting, eating, moving from place-to-place and continence.

Those caring for someone with a serious condition like MS know how challenging it can be to provide care and support at home. The expense of paying for a home care attendant or residence at a care facility can be devastating and provide even greater hardships. Daily caregiving responsibilities can place great physical and emotional strain on the caregiver and on the family member who is receiving the care. Too often, families do not have a choice.

This is where Long-Term Care insurance plays such a pivotal role.  Depending upon the design of the plan, Long-Term Care insurance will pay for many services provided at home, at an assisted living facility or in a nursing home. Such support provides everyone involved more independence and choice of care services, and greatly reduces the stress and anxiety that family members may experience.  

Just as with auto insurance, certain Long-Term Care insurance companies specialize in accepting higher risk cases—individuals who already suffer from a chronic medical condition. The core policy provisions are quite similar to those offered to healthier applicants. The key to qualifying for coverage when you have a serious and chronic condition is to apply as soon as possible after diagnosis. Three things typically happen when people wait to apply for coverage. First, the odds of being declined for coverage increase. Second, applicants applying for coverage will pay more if they do qualify. Third, the benefits limits are offered to applicants are likely to be more restricted. Although Long-Term Care insurance will not resolve all of the difficulties associated with a chronic illness, it can significantly reduce the financial and emotional burdens that a family may face.

The case for Long-Term Care has always been strong, but recent legislation makes securing Long-Term Care protection more important than ever. The May 2006 issue of Kiplinger’s Personal Finance Magazine stated bluntly, “The new Medicaid legislation [Deficit Reduction Act] will encourage people to buy Long-Term Care insurance . . . . If you don’t own a Long-Term Care policy¾or have rejected the idea before¾you should seriously consider one now.”

I may be worth while taking time to once again investigate Long-Term Care if you have been diagnosed with a chronic condition or even rejected for coverage in the past. A fifteen minute phone call could spare you and you family considerable physical, emotional and financial hardship in the future.