Because all long-term care insurance policies are not the same, we have prepared this guide for helping you understand long-t...Read more
Parents' Medical History May Make Long-Term Care Insurance More Expensive
- October 30th, 2014
Your parents' health could be one of the many factors that long-term care insurance providers take into account when deciding how much to charge you. One large insurer has started rating applicants based, in part, on the applicant's parents' medical histories.
Genworth, a major provider of long-term care insurance, announced that it would rate applicants based on whether their parents suffered from early onset coronary artery disease prior to age 60 or dementia prior to age 70. Genworth has four rating categories, from best to worst: "preferred best," "preferred," "select," and "standard." Applicants in the "preferred best" category pay less than applicants in the "preferred" category, and so on.
Local Elder Law Attorneys in Ashburn, VA
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
Law Offices of John L. Laster
John Laster is a lawyer licensed to practice in Virginia, Maryland and the District of Columbia. He limits his practice to wealth transfer planning, trusts, wills, powers of attorney, health care decision-making issues, estate administration and related tax, elder law and disability concerns. Listed in The Best Lawyers...
Felinton Elder Law & Estate Planning Centers
Mindy Felinton concentrates in the areas of Medicaid planning, Veterans' Benefits, asset protection, nursing home planning, elder law, wills, estate planning, trusts, living wills, powers of attorney, probate administration and trust administration and began her legal career 30 years ago as an Assistant State Attorney...
Under the new rating system, an applicant with parents who both had a history of dementia before age 70 could not rate above the "select" category. The difference in the cost of premiums can be as much as $60 a month, which can add up over time. If only one parent had a history of dementia before age 70, the applicant would be shut out of the “preferred best” class.
Long-term care insurance companies can also reject applicants whose families have a history of other conditions. For example, if an applicant's parent has Huntington's disease (a debilitating neurologic disorder), the long-term care insurance company may reject the applicant altogether if she hasn’t been tested for it or has tested positive.
The Affordable Care Act prohibits medical insurers from denying coverage to applicants due to pre-existing conditions, but the same rules do not apply to long-term care insurance.
For information about long-term care insurance, click here.
Last Modified: 10/30/2014