All insurance policies have a list of limits and exclusions. This is necessary to keep premiums affordable and protect the insurance companies, which ultimately are a business, and businesses need to make a profit to stay in business. The list of limits and exclusions for long-term care policies will vary from company to company, and even policy to policy in the same company. It’s important to shop around and do your research before choosing a policy, as what is a deal breaker to one person may be perfectly acceptable to the next person.
Preexisting Conditions
Preexisting conditions are health problems that you had at the time you purchased your long-term care insurance policy. Some insurance policies require that a specified period of time passes before the policy will pay for care related to the condition.
For this reason, it is always best to shop for insurance well before a diagnosis. In the event you’re shopping for long-term care insurance after receiving a diagnosis, talk with your health care provider to get an idea of when you should expect to need long-term care. Most insurance policies will not exclude preexisting conditions for more than six months.
Additional Exclusions
It is possible that certain mental and nervous disorders may not be covered, so check your policies fine print before signing. In addition to mental and nervous disorders, alcoholism, drug abuse and intentionally self-inflicted injuries (including suicide attempts) are typically not covered.
