My husband has mild (early stage) Parkinson's Disease, and I'm looking for LTC insurance for both of us.

Here are the FACTS:
• We live in the northern Calif "Bay Area", near San Jose
• My Parkinson's husband is age 62, I'm 57 (healthy)
• We are currently both retired, altho I am ready (able) to go back to work, just to get a LTCI policy from my employer.
• Altho I have a 1985 MBA from Stanford, I have not worked since 1991 (raising kids) and feel pretty
"unemployable."

QUESTIONS:

--->• If I do get a job with a company that offers LTCI with NO medical questions asked of me, is there ANY chance that I can get that same "no questions asked" coverage for my husband as my dependent?
Or will they want a medical history from him, even if they don't want mine?

--->• Do any of you know of any employers that offer LTCI as a benefit ?
(Particularly companies with employment / offices in the San Francisco Bay Area).

--->• How do I go about finding WHICH EMPLOYERS in the USA offer LTCI ?
Does anyone have a database, or even just an informal list to start from?

I've tried calling Human Resources at some local employers, but got nowhere in getting info on whether LTCI is a benefit. They just don't want to tell someone who is cold-calling out of nowhere, and I understand that.

--->• And if I DON'T go back to work (i.e., remain retired), are there ANY reputable / reliable companies out there that might insure my husband?

--->• And lastly, IF YOU WERE IN MY POSITION, WHAT WOULD YOU DO?

MANY THANKS in advance for your information and advice.
Anne

PS What is the correct terminology for a "NO questions asked" policy?
And for "a FEW questions asked" policy?
What is the best place to go to educate myself on LTCI terminology, trends, and outlook?

I do not know of any company that will insure anyone with Parkinson's Disease. I don't know of any group LTCI plan that will not, at the least, ask if an applicant has Parkinston"s Disease.

Sorry I have no better news than that for you.

Art, Scott, Yankee, Peabody, anybody know anything that can help this person?

Bill

Annie,

The terms you're looking for are "guaranteed issue" or "simplified underwriting".

I am only aware of one LTC insurer that offers a group LTCi policy that can insure someone who has already been diagnosed with Parkinson's or Multiple Sclerosis. However, the applicant with Parkinson's (or M.S. or similar chronic illness) must be working at least 30 hours per week and must not require any assistive devices. So, it can only work if that person is applying for the coverage during the mild, early stages of the disease.

Unfortunately, there are lots of "financial advisors" and even "consumer advocacy groups" that say that someone should not consider LTC insurance until age 60 or until age 65 or whatever age they deem as the "perfect age" to buy LTC insurance.

The reality is that one should buy LTC insurance sooner, rather than later.
It's better to buy LTC insurance ten years too early, than try to buy it 1 day too late.

Scott A. Olson
Redlands, CA

Scott,

Many thanks for your response. I am indeed kicking myself for not getting the LTCI several years ago, BEFORE my husband's Parkinson's diagnosis.

From your response, it sounds like you saying that it's NOT going to work for ME to get a job and insure Mark as my dependent. Am I understanding correctly?

You said:
"I am aware of only one LTC insurer that offers a group LTCi policy that can insure someone who has already been diagnosed with Parkinson's or Multiple Sclerosis. However, the applicant with Parkinson's (or M.S. or similar chronic illness) must be working at least 30 hours per week and must not require any assistive devices. So, it can only work if that person is applying for the coverage during the mild, early stages of the disease. "

My husband IS in the mild, early stages of the disease, and he does NOT require any assistive devices.

How do I find an employer that has this LTC insurer?
Who is the insurer?

Many thanks,
Anne

Annie,
Many employers offer group LTCi to their employees as a voluntary benefit. Very few offer "Guaranteed Issue". Others offer "Simplied Issue".

However, in either case, those terms apply to the employee, not the employee's spouse/partner. Spouses & partners go through a full medical underwriting process, which will allow the insurer to look at your husband's medical records.

It doesn't matter how "mild" his diagnosis is. If the words "Parkinson's" is on his records or he is taking any medications that are prescribed for Parkinson's, he will never get a LTC policy.

I'm sorry because I know that's not what you want to hear. The only advice you'll get from this Forum is that you are healthy and insurable and you should purchase a policy now for yourself.

You and your husband should speak with an elder-law attorney to see how you can best protect his assets, when he eventually requires care.

Good luck,
Arthur

anniepooh, I'm sorry to hear about your husband's health condition. I know this is tough for both of you.

I guess I'd say a couple of things. First, everything that Arthur, Scott & Bill have said is right on the money. There's no way to get your husband LTC insurance at this point, and you do need to do this for yourself while you're healthy. You've seen how quickly that can change. Having LTC insurance for yourself will give you access to some resources that might be helpful when your husband's needs grow more demanding - caregiver advocate services, in some cases, discounts through care providers, etc. Find an independent LTC Insurance Specialist in your area (Go to either www.ltc-cltc.com or www. aaltci.org to find someone in your town.) That person will be able to help you.

Second, you need to find a good estate planning/elder law attorney, and make sure you've done everything you can to legally protect your family and your assets. You know your husband has a progressive illness. We don't know anything about your finances, but unless you're quite wealthy, you'll need to protect your money - not for your husband, but for you. So, find a good attorney who specializes in this. DO NOT go to the guy or gal who does criminal defense, divorce, pet rights and environmental law - go to a specialist. The attorney won't be able to create money to pay for care, but he or she can make sure that you - as the healthy spouse - aren't impoverished as a result of paying for your husband's care. Go to www.naela.org if you don't know an attorney in your area who does this.

Third, before things get worse with hubby, find a good support group for yourself, and get involved with it now. You're going to be going through a lot as you help him through this, and you'll need help, too. Don't try to do it alone.

Best of luck to you, annie.

If you hare very healthy, the last think you want to do is to get into a group plan with a Guaranteed Issue plan because you will pay more in premium and probably have some type of reduced benefits such as 50% care at home.

Take a look at Mass Mutual and their Indemnity Plan. Indemnity pays the entire daily benefit after the first expense. Any excess benefit can be used for anything that is or is not related to your care. If you and your husband both needed care at the same time, the excess benefit could be used for him. I realize that based on your ages and his health, he will probably need care well before you, although you never know what might happen to you.

Either way, you should try to obtain a higher level of coverage for yourself using some of the premium you would have used for your husband.

If you go back to work and the employer does not offer LTC Insurance, they can implement a voluntary Mass Mutual plan for employees and extended family members that is medically underwritten. The plan reduces the premium by 10% and they only require that three people apply for coverage and you would count as one even though you are paying the premium.

Mass Mutual has very competitive premiums. They have never filed for a rate increase on existing policyholders and have a 99 Comdex rating which places them in the top 1% of carriers for financial strength.

I am sorry about your husband and it is unfortunate that you did not have a financial planner or estate planner who had advised both of you to obtain coverage years ago.

Chip..........
Spoken like a true captive agent.
Arthur

Can someone pass the Kool Aid please???

I started as GE captive agent in 2001 and have been independent agent since 2003. I dropped my GE plan in 2003 and have an Allianz Indemity plan. I have significant business (the old future select) with Allianz, MetLife, John Hancock and Mass Mutual. I tried to lay out the best option that I know of at this point in time.

If I drank Kool Aid, I would have stayed a captive agent with GE, or I would sell the CPI-U product for John Hancock or would sell Life/LTC Hybrids.

You guys are ignorant in your response!

Adios!

Chip,
If you are independent, as you say you are (and I believe you) then why in the world, with all of the policies available to you, would you recommend a Mass Mutual Indemnity Plan?

One must utilize a licensed provider from a licensed home health care agency in order to be eligible to be paid on an indemnity basis. So, if I had a $200/day policy and utilized home care and had a licensed provider come in for 1 hour at $20.00, I would receive the full $200.00. That extra $180/day, as you correctly noted is mine to do anything I want with.

BUT........... The reality is, no one will be able to get a licensed provider from a home health agency in for only 1 hour a day. An agency usually requires a committment of at least 4-6 hours per day.

For not too much more, one could purchase a MedAmerica Simplicity policy which is a 100% cash-benefit policy, that pays on an idemnity basis. And, unlike Mass Mutual, it pays a monthly benefit rather than daily.

Not sure who the ignorant one is, but a Mass Mutual Indemnity policy is not on most agent's top ten.

Adios!

Arthur,

I just had a lady interested in retiring to Spain or France, and only wanted a policy that would pay full coverage there. Thanks to your MedAmerica coverage sheet you posted on some forum, I presented that to her, and I think Monday I am writing the policy. It is the only policy avalable that will do what she wants, and at her age of 51, and in perfect health, it's not that bad in premium.

Thanks for the education on MedAmerica.

Question. How do I overcome their B+ rating objection?
Thanks again,
Bill

Bill,
If you do business with MedAmerica, for those applicants who check ratings, questions will come up. As an agent I always find myself defending the company, and to be honest, I don't like to do that.

I don't have any vested interested in the company. I recommend them for only one reason: As far as I know, they are the only carrier that offers a 100% cash-benefit policy with unrestricted world-wide benefits.

Their ratings with AM Best is B++ (good). That's one notch below A-, which is excellent. Since 2008, every insurance company & financial institution on the planet was downgraded one notch.

I'm going to email you some information, which is actually my party line when I'm confronted by prospects who question MedAmerica's financials.

At the end of the day, your prospect will need to feel comfortable with any company they choose.

Arthur

I would explain that MedAmerica is a health carrier....not a life carrier. No health carriers are A+ rated unless they have a large piece of business in life and annuities as well. NML did not get to be A++ by selling LTC insurance.

Now if you think HCR is going to destroy the entire health insurance industry, that can be an issue.