There are many uncertainties regarding COVID-19’s impact on long-term care planning in Bucks County, PA. Its effect on long-term care insurance policies is among the many swirling questions. For instance, if you do not have a policy, you may wonder if the pandemic will make it more difficult to get one. If you have a long-term care insurance policy, you may wonder whether the pandemic could change the policy’s rules.
In this article, we will share some of what we know about the pandemic’s effect on long-term care insurance, depending on whether you already have a policy.
If you do not have a long-term care insurance policy:
Qualifying may be more challenging
It is already difficult to qualify for long-term care insurance as you age, and the pandemic may make it even more challenging. Older individuals are at a higher risk for coronavirus, which can directly affect your application. Some insurers have put limits on applicants’ ages or imposed additional restrictions on applicants who have been in contact with the virus. If you had a positive COVID-19 test, you might have to wait three to six months before qualifying for insurance. However, these policies vary by company.
Premiums may increase for high-risk individuals
If you are considered high risk due to exposure to the coronavirus, you may not qualify for the best rates when you first apply for long-term care insurance. After you obtain a policy, insurers can’t raise rates for customers due to individual circumstances. To raise rates, insurers must obtain approval from the state and raise them for the entire group. Keeping these factors in mind can make it easier to navigate long-term care planning in Bucks County, PA during the pandemic.
If you already have a long-term care insurance policy:
Moving out of a nursing home coverage may change
If you have a policy and want to move out of a nursing home, you will need to check what your policy will cover. Some policies pay for long-term care in a variety of settings, including home care, while others are more restrictive. On the plus side, you may be able to use your policy to reserve your bed, allowing you to keep your nursing home spot.
Home care coverage may change
If you have a long-term care insurance policy that was paying for home care, there are a few factors to consider. First, some home care workers are charging more for work during the pandemic, which could exceed your policy’s coverage. Second, you may want to switch to receiving care from a family member rather than an outside home health care worker during the pandemic. Unfortunately, most long-term care policies don’t pay for family members to provide care. Be sure to check your policy and contact your insurer to learn more about any changes to your coverage during the pandemic.
When it comes to long-term care planning in Bucks County, PA, consider these and other pandemic-related factors that may affect long-term care insurance policies. We specialize in helping seniors and their families plan for the future. Contact either our Doylestown or Feasterville offices today to learn more about long-term care planning.