Long-Term Care Insurance and Physical Therapy
Long-term care insurance and physical therapy may not seem like they go together. Shopping for a long-term care insurance policy may seem confusing especially if you are having or have had physical therapy recently. Getting long-term care insurance with physical therapy is possible if you work with a long-term care insurance specialist who’s experienced and understands each insurer’s underwriting criteria.
Can I qualify for long-term care insurance if I have physical therapy?
If you have had physical therapy recently you can probably qualify for long-term care coverage. If you are currently receiving physical therapy you probably won’t be able to get long-term care insurance until the therapy has been completed. That’s why it’s important to work with an experienced, independent agent who is familiar with the four main types of long-term care coverage and with each company’s nuances. An independent, long-term care specialist can recommend the perfect policy for you based upon your health history.
Which type of long-term care policy should I buy if I have physical therapy?
There are four main types of long-term care coverage: traditional long-term care insurance, long-term care partnership programs, life insurance with long-term care riders, and annuities with long-term care riders. The best type of policy for people who have recently had physical therapy is usually a traditional long-term care policy or a long-term care partnership program. However, everyone’s situation is unique. Click here to try our proprietary “Policy Finder” tool (no phone required). It will give you an instant ranking of the four types of policies based upon your answers to a few short questions.
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Will I pay more for long-term care insurance if I have physical therapy?
Every long-term care insurance company is different, but generally, you will not pay more if you have had physical therapy. The insurer will determine your “underwriting class” based upon what caused your need for physical therapy. If, for example, you had some knee cartilage fixed that won’t cause you to pay additional premium. However, if you have arthritis that might cause your premium to be 10% to 20% higher. That’s why it’s important to work with a long-term care insurance professional who can help you shop around and compare several different policies and insurers.
If I have physical therapy will I have to take a physical in order to qualify for long-term care insurance?
Some long-term care insurers do not require a physical if you have physical therapy. Most long-term care insurance companies will review your medical records in order to determine if they can insure you. Ask your long-term care insurance specialist what underwriting criteria each company will use before deciding which long-term care insurance policy is best for you.
Can I qualify for long-term care insurance if I’ve already applied for and been denied coverage due to physical therapy?
Long-term care insurance specialists have less than 20% of their applicants declined. Insurance “generalists” have about 50% of their long-term care insurance applications declined. With over 25 years of experience, we can pinpoint exactly which company (and which type of policy) you’ll be able to qualify for. We have about an 80% success rate in helping our clients get approved even if they were previously declined. If you’re currently receiving physical therapy, you’ll probably have to wait until the therapy is completed before you can be approved for a long-term care insurance policy.
If you have physical therapy, a long-term care insurance specialist will ask you the following questions to determine if you can qualify for a long-term care insurance policy and calculate your premium:
Are you currently receiving physical therapy? If not, when was the physical therapy completed?
What caused you to need physical therapy?
Is your doctor recommending that you get additional physical therapy in the near future?
Is your doctor recommending that you get any type of surgery in the near future?