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Nearly Half Of Oldest Long-Term Care Insurance Applicants Are Declined By Insurers
"Consumers simply are not aware of the need to health-qualify for long-term care insurance so they delay looking into this important protection,"
According to Slome, nearly half (47%) of individuals who applied for traditional long-term care insurance between ages 70 and 75 were either declined or deferred their application. Over one-third (38.2%) of those applying between ages 65 and 69 were declined. The data comes from the just released 2022 Milliman LTC Survey.
"The sweet spot for looking into long-term care insurance is generally between ages 55 and 65," Slome suggests. "Once people are covered by Medicare they start seeing more doctors which is great but often increases the likelihood that medical conditions will be included as part of their health records."
Traditional insurers typically stop taking applicants after age 75, Slome notes. "However, there are linked-benefit and short-term care policies that will accept older applicants,"
To access the latest long-term care insurance statistics including the decline rates starting at age 40, go to https://www.aaltci.org/
The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of long-term care planning and supports insurance professionals who market both traditional and hybrid long-term care solutions. To access information, go to https://www.aaltci.org or call the organization at 818-597-3227.