Long Term Care Insurance UNDERWRITING :: The Time Factor

Doorway to Long term care insurance buying

Doorway to Long Term Care Insurance Buying

The average window of time for a long term care insurance policy application to get approved (or denied) by the carrier is somewhere between 6 to 8 weeks.  Clients who apply for a policy often contact us before the process is complete wondering “what is taking so long.”

I feel their pain, frankly….

But the truth is that long term care insurance carriers are doing due diligence.  The job of underwriting is to make sure the carrier is taking on acceptable risk – not high risk.  So they will check primary care doctor records and frequently the records from any specialist that you are currently seeing or have seen in the last 5 to 10 years (longer for serious conditions).  And since records have to be (1) requested with proper HIPAA authorization, (2) processed by a human being who has authority to prioritize the work they do, and (3) received via fax in their entirety – a tricky business all on its own!—or sent thru regular post to meet HIPAA laws, the entire process start-to-finish takes more time than most of us think it will.  The more doctors you have, the longer it takes typically.

So if you are wondering “where in the world is my application for long term care insurance,” \ call your agent.  A good agent will her his/her finger on the pulse of your application and is able to get you an answer as to where it is in the progression thru the process.

TIP:  It never hurts to contact your doctor(s) and ask them to prioritize your medical records requests from the long term care insurance carrier.  Sometimes your personal touch will move your request up the queue and expedite the records provision to the carrier.



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