Yes, it is possible to obtain long term care insurance if you are over 80 years old. However, it may be more challenging to find coverage at this age and there may be limitations and restrictions. It is important to note that eligibility requirements and availability of long term care insurance can vary depending on the insurance company and the state you reside in.
Factors to consider:
1. Age and Health: Insurance companies typically assess the applicant's age and health condition before approving coverage. As individuals get older, the risk of developing health issues increases, which may affect the availability and cost of long term care insurance.
2. Underwriting: Insurance companies may require medical underwriting for applicants over a certain age, which involves evaluating the applicant's health history, current health status, and any pre-existing conditions. This process helps the insurance company determine the risk associated with providing coverage.
3. Premiums: The cost of long term care insurance premiums tends to increase with age. This means that individuals over 80 years old may face higher premiums compared to younger applicants. It is important to carefully review and compare different insurance policies to find the most suitable and affordable option.
4. Coverage Options: Long term care insurance policies offer various coverage options, such as daily benefit amounts, benefit periods, and elimination periods. It is important to understand the specific terms and conditions of the policy, including any limitations or exclusions that may apply.
5. State Regulations: Long term care insurance is regulated at the state level, and the availability and requirements may vary. It is advisable to consult with an insurance professional or research the specific regulations in your state.
Tips for obtaining long term care insurance:
1. Start Early: It is generally recommended to start exploring long term care insurance options before reaching 80 years old. This allows for more time to research, compare policies, and potentially secure coverage at a more affordable rate.
2. Work with an Insurance Professional: Consulting with an experienced insurance professional who specializes in long term care insurance can be beneficial. They can provide guidance, help navigate the application process, and assist in finding the most suitable coverage.
3. Consider Alternatives: If obtaining long term care insurance becomes challenging or unaffordable, there may be alternative options to consider, such as Medicaid or self-funding long term care expenses.
It is important to thoroughly research and evaluate different insurance options to make an informed decision based on your individual needs and circumstances. Please note that this information is based on general knowledge and it is recommended to consult with an insurance professional for personalized advice and guidance.