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Can I have two long term care insurance policies?

Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted...

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella...

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Reviewed byDaniel Walker
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UPDATED: Mar 19, 2020

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Can You Have Two Long Term Care Insurance Policies?Your desire to make sure all expenses are covered when needed may cause you to want to purchase more than one long term care insurance policy. However, it is not possible to have two long term care insurance policies.

To get complete coverage on a single policy use the insurance rates tool now!

When you apply for long term care insurance one of the questions on the application asks you if you already have a policy. If you do have a policy, the one you are applying for won’t be approved. The following article provides additional information on long term care insurance.

What is long term care insurance and why is it necessary?

Long term care insurance is a voluntary coverage that can be obtained privately or through an employee plan. It is intended to care for the needs of an individual or a dependent if and when long term care becomes necessary. Long term care can be a need based on a disease, an accident, or due to aging. No one likes to think about the future or the possibilities of needing full-time long term care, but the cost of long term care is huge. Preparing before hand can save you from financial disaster.

One estimate shows the yearly cost of long term care to be in the range of $18,000 to $32,000 per year. If this money were needed out of pocket, it could be financially devastating to an individual or family member. Long term care insurance is voluntary, but the small investment is usually worth it when long term care is needed.

Long term care is not just for the aged. One statistic shows that 60% of people over the age of 65 will need some type of long term care in their life. But, what may be surprising, is the fact that 40% of those currently receiving long term care are between the ages of 18-64.

Surely no one plans to need long term care. That is why having it before you need it is so important. Once an illness or disability strikes, long term care may not be available. There are restrictions on long term care and pre-existing conditions can cause you to be denied coverage.

A diagnosis of a debilitating disease such as multiple sclerosis or Parkinson’s disease will also cause coverage to be denied. Long term care can cover all expenses of the long term care needs for these diseases, if you have the coverage before the disease is diagnosed.

Also important to note, is that the older you are, the more costly long term care insurance is. For a young, healthy individual long term care insurance is not very expensive because age and health are the two major factors when it comes to long term care needs. As you age, especially as you near the age of 65, long term care insurance rates go up.

When you are over the age of 65, long term care insurance premiums increase drastically as the statistics show that long term care is probable. This is another reason to purchase long term care insurance before it is needed.

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How can I find an affordable long term care insurance policy?

Finding an affordable long term care insurance policy is possible. You will need to give some basic information such as name, age, dependents, and some health information. Some long term care insurance companies will require a physical while others will not. Once you apply and are approved for a policy, you will need to choose the type of coverage you want. If you are young and healthy, you can go with a smaller amount of coverage. You can change your coverage amounts and options as you age, increase your income, or as other needs arise.

One of the most successful ways to find affordable long term care insurance is to compare what different long term care insurance companies have to offer. Instead of looking through the yellow pages, making phone calls, or visiting numerous websites, you can gain valuable information by using the online comparison tool. This type of tool can show you what different companies have to offer side by side so you can choose the long term care insurance company that is right for you. Don’t wait until it is too late to get the long term care coverage that you need for yourself or a loved one.

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