Is It Possible to Get Long-Term Care Insurance AFTER a Major Medical Emergency?

By Steve Elliott | February 17, 2020 | Comments Off on Is It Possible to Get Long-Term Care Insurance AFTER a Major Medical Emergency?

It was a cold, late autumn afternoon when Stephen began feeling pressure in his head. It was getting difficult to breathe and he was losing focus. He never anticipated having a stroke at 67, but as he was leaving the office and walking to his car, everything changed.

Long-Term Care Insurance Companies Carmel Valley CA - Is It Possible to Get Long-Term Care Insurance AFTER a Major Medical Emergency?

Long-Term Care Insurance Companies Carmel Valley CA – Is It Possible to Get Long-Term Care Insurance AFTER a Major Medical Emergency?

Up until that point in time, neither he nor his wife Melanie had given much thought to long-term care needs or even prospects. As such, they never even looked into long-term care insurance. After all, they were both healthy, exercised regularly, watched what they ate, and did everything they could to protect their health.

This event changed everything.

A successful business professional, Stephen didn’t worry too much about his finances, but when he woke up in the hospital, he wondered how significantly and dramatically things were going to change moving forward.

They had health insurance, but he couldn’t even speak. Any effort he made felt like a grueling marathon on a steamy, humid summer day when he had already run 26 miles just to warm up.

As his doctors continued running tests, observing him, and determining the extent of damage the stroke caused, the idea of long-term care became more prominent. At first, both Melanie and Stephen assumed their insurance would cover it, but then they learned it only provides coverage for a limited amount of time.

That’s when they began looking into long-term care insurance.

Stephen heard about long-term care insurance back in his 50’s, but being in such good health and physically active most days, he didn’t see the point. It looked to him — at that time — as a colossal waste of money every month, money that could be better invested in his portfolio.

When he was discharged, he was sent to a nursing home for a few months where he began the long, slow, difficult process of learning how to walk again, manipulate things with his fingers, and speak however he could.

Within two months, it became clear he was going to need ongoing care, far more than Melanie could offer with her career in full swing. They looked into long-term care insurance, but he no longer qualified. They could not get coverage because of his recent medical emergency.

Depending on the situation, a medical emergency like a heart attack may not disqualify somebody from long-term care insurance, but a person who currently needs long-term care is unlikely to find a policy from a long-term care company to protect them.

In the end, Stephen and Melanie used up all of their savings, retirement funds, and even had to sell their home in a reverse mortgage to cover the long-term care costs that kept piling up.

If you or a loved-one are considering a Long-Term Care Insurance Companies in Carmel Valley CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.

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