Problems With Long Term Care Insurance
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Underwriting System
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Long-term care insurance companies may take only a brief questionnaire when issuing a policy. However, if any pertinent medical information is left out, you may not be covered in time of need, according to the National Association of Insurance Commissioners.
Cost
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As of 2007, the average annual cost for long-term care insurance for a person of 40 years or younger was $881, while the average annual cost for a person of 70 was $3,026, according to the National Clearinghouse for Long Term Care Information.
The Uninsurable
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People with Parkinson's, MS, AIDS, cancer, history of strokes, Alzheimer's or other cognitive disability cannot get long-term care insurance. Candidates might also be denied if they received nursing home care or had difficulty with daily activities.
Elimination Period
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An elimination period of up to 100 days occurs before any benefits are paid to a care provider. During this time, individuals are responsible for their own expenses.
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