Are there any options for LTC, critical or chronic care available for an 89 year old male in Florida living in his own home who will be turning 90 in September? If so what plans, companies and websites could you direct me to? I would assume that it would be impossible for a 90 year old women residing in a nursing home in Florida to qualify for anything. Thank you. All suggestions are greatly appreciated.
LTC For 89 Year Old Male
- Thread starter LVGUY
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- long term care
Go find a real prospect.
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Medicaid, if he's broke enough.
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What LTC companies are you appointed with? I am not an LTC expert in fact I haven't sold a case in years but without even looking it up I can tell that if you look in any of the carriers agent underwriting handbook you will find that an applicant residing in a nursing home is a decline and that most LTC won't write over the age 85.
Is Penn Treaty still around? They use to underwrite cases nobody else would touch. If they would underwrite an 89 year old for a comprehensive LTC policy 3 year policy with a 5,000 monthly benefit and 90 elimination period the premium would be about 4,500.00 a month of course in this hypothetical scenario she would have to be in very good health and also be able to pass the mental acuity screening .The 90 year old already living in the nursing home would for sure be rated up and premiums would be at least 5,000.00 a month. This is all hypothetical of course just to illustrate insurance companies tend to avoid buying claims.
I would advise client go to plan B and just use savings to pay out of pocket until they spends down assets to 2,000.00 ( in Florida ) to qualify for ICP Medicaid.
Under the heading of "nothing to lose to look into it"....If the client plans to stay at home for a while, you can get him a home health care product from ASSI called True Freedom. All it does is get you good values on home care agencies and also pays to have friends and family provide home care. It is not a LTC policy.....but it is what it is, with a target client in their 80's or someone who can not get LTC but will need home care in the next 6-18 months
There are no medical questions asked.....and cost is not age based at all.
Else, if Medicaid is not an option, there is little else you can do...but there are agents getting rich selling this product to the 80+ crowd.
Hope this helps.
Yep, just don't caught in the 5 year look back if he is spending down for the sole purpose of LTC.
