Are there any problems with switching term policies?
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Asked August 23, 2010
If you currently have a long term care policy in effect, it would be better to research your options carefully before deciding it is time to switch term coverage plans. There are quite a few negative aspects to changing plans, and if you are looking at an optional switch it would be best to consider them carefully.
Switching LTC policies may mean that you must qualify for limits and exclusion on pre-existing conditions all over again, rather than simply continuing your coverage. Any conditions which may have currently been receiving treatment for may be re-evaluated, and your current health condition and age will be taken into the assessment. In all, switching term policies is subject to increase your monetary costs as well as the stress involved in dealing with an entirely new medical arrangement.
Study the market. New treatment and long term care packages are emerging that provide optimal care with minimal hospitalization. Switching to a plan that is more convenient may be preferable, along with the ability to receive treatments in familiar surroundings.
When shopping for a policy, look for one that guarantees at least one year of hospital or total care coverage, has no exclusions for developing dementia, and will not cancel or refuse to renew your policy simply because you have grown older. Avoid policies that will require you to first be hospitalized for you can receive nursing care services.
Answered August 23, 2010 by Anonymous