Well, it is THE topic of this year, isn’t it? And the impact of this pandemic has been pervasive – sometimes painfully.

In the world of long term care insurance, COVID has become a wild card. Since so little is known about how it impacts the body at this point, and since a select portion of the population who have it end up with long running chronic conditions, underwriters are leery of offering coverage to someone who has had this flu-bug recently. Typically the response is a wait window on an application to see if you are someone who will recover with no remaining issues or be one of the unfortunate with lingering problems.

The wait window varies by company. Some have a wait window as low as 3 months, others have pegged it at a year or more. In other words, if you have no lingering chronic conditions, you could apply once you hit the wait window from recovery. If you have lingering conditions, however, all bets are off. You may or may not be able to get coverage.

So the advice we are handing out now (and we reserve the right to change it as this issue morphs as new information becomes available from researchers) is this: apply before you get it.

We realize it isn’t advice easily complied with by all. Some folks are waiting until children are out of school and off the “payroll” for the house. Others are waiting to sell and asset or get out from under debt. There are myriad reasons people postpone purchasing a policy – most of them quite valid. So, the advice applies if you are considering buying one in the near future. If you are thinking to do so within a year, then buy now. The one year of premium will probably not break your finances – but the impact of long running COID complications that prevent you from ever getting coverage….?

That could be financially devastating over the years.



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