Like many people, you may intend to put a Long Term Care plan in place, but may be putting it off because you’re uncertain about what’s required to be underwritten. Additionally, you may not realize you have to qualify medically in order to secure Long Term Care insurance on an individual basis. The phrase “money pays for it, health buys it” is certainly accurate when it comes to securing Long Term Care coverage on the individual market.
By working as your advocate, I can help clarify and streamline the underwriting process by utilizing the systems our organization has put into place in order to more effectively and thoroughly assist clients like you.
After helping you and your family understand Long Term Care by answering your questions, we can explore your options based on your health. The way to do this is by you (and co-applicant, if applicable) completing our LTC Executive Application, which contains questions regarding your health history that the LTC carriers will need clarification on.
When this is complete, I draft (with your help) an LTC Carrier Market Exploration Email, a summary of the medical history on the LTC Executive Application we then send off to the carriers for review. We don’t disclose anyone’s identity; we use this information as a way to gauge carrier interest based on the medical history as many times the case and carrier direction is dictated by the health of the client.
By using our company’s LTC Executive Application, a set of questions I’ve developed after 18+ years in the business, we provide the clarity the carriers need about your 10-year medical history, 10-year surgical history, and medications you’ve taken or are taking.
Long Term Care carriers will ultimately need all this information, but as with a good trial attorney prior to going to trial, I want to know as many of the answers as possible before we present it to possible carriers and underwriters. This not only increases the probability of success in finding coverage, it helps further ensure we’ll find the coverage with the appropriate carrier for each client.
Once you complete the LTC Market Exploration, I review it and the LTC Executive Application information again prior to sending it off to the carriers. When reviewing the LTC Market Exploration email, carriers may have questions or they may indicate interest in an application.
At this point, I then share the carrier responses and interest with you and we determine which carrier to formally apply to. The formal application process to a carrier can now be straightforward and uncomplicated because most of the information has already been gathered or discussed during our client engagement process.
This is where I really go to great lengths to make sure the entire process is handled comprehensively and thoroughly, often sending off applications to multiple carriers at once if clients have extensive or involved medical history. Why? Because one of the first questions many carriers often ask is, “Have you ever been declined for Long Term Care insurance before?” You may only get one shot to get this right on the open individual market, and some carriers won’t accept applications from people who have already been declined by another carrier.
Sometimes the information in client medical records is inaccurate.
In the ‘90s when I sold pharmaceuticals, I gained a lot of experience working with physicians and their staffs, learning about how medical practices process their business. When there are errors in a person’s medical history, my background allows me not only to better spot those mistakes, but perhaps more importantly, work with physicians, carriers and underwriters to get erroneous client medical information corrected in order to accurately reflect the client’s medical history. Having access to someone with this knowledge and knowhow can be another difference maker for you.
Throughout the planning process, we utilize paper-based and web-based educational systems and tools to help clarify any questions. I’m also available to answer questions in a friendly, consultative-type atmosphere. I’m there to guide you through this process, proactively preparing you for success each step of the way.
Once we’ve found a carrier and instrument that works best, Long Term Care underwriting can take about six weeks. The main underwriting steps can include any and all of the following:
- Thorough review of your application by the carrier
- Prescription drug report
- Securing and review of your Attending Physician Statement (APS) medical records from your physician or physicians
- Phone health interview (PHI) to discuss or clarify answers on your application or medical history and to potentially assess cognitive capability
If you have a complex medical history, it can be hard to find an LTC carrier willing to take the risk to underwrite. Since 2001, I have had a great deal of interaction and experience with the LTC carriers with regard to underwriting, and my experience could ultimately end up being your edge.
There can be great peace of mind that comes from securing Long Term Care coverage, and it takes work to get there. Bottom line: When we do our homework, we better leverage everyone’s time and increase the likelihood of finding a carrier that’s a good fit.
If you’re ready get things started, contact me or call at 678-814-5088.
If my experience can be of further service, please don’t hesitate to reach out to me.