If your mother needs a walker, then there's no way that she'll be able to qualify for any type of long term care insurance. If she'd already had a policy, she probably would have qualified to receive benefits already.
If she fully recovers and no longer needs the walker, then she might be able to qualify for a policy.
Long term care insurance is just like any other insurance: you have to get it before you need it. You can't get a homeowner's policy after the tornado blows down your home. You can't get long term care insurance once you're needing care (or if care is imminent.)
You might want to take your mom's situation as a lesson for yourself and look into LTCi for yourself before it's too late.
Scott is right, your mom is out of luck right now. Yes the premium would be high for your mom at her age. But look at it this way, 4 to 5 thousand a YEAR premium for some coverage or 4 to 5 thousand a MONTH in the nursing home. If she gets healthy then try to get some coverage. Josh Fink
Realistically, at 87, after a broken knee and 10 months of using a walker, your mom will probably never recover enough to become insurable. Assuming that nothing else is going on medically (and at 87, I'm sure she's got some other medical issues) if she did recover, a company will most likely want to see her off her walker for at least 12 months before they will consider her insurability.That would put her at 88.
In addition, there are only a few companies out there that will insure someone past the age of 84 and if they will insure, her benefits will be limited due to her age.
And IF she's insurable and IF you can find a carrier to look at her, her premiums will be a lot higher than $4,000-$5,000 per year. Most likely a minimum policy will run over $10,000 per year.
Unfortunately, I don't think a policy for your mom is feasible. I agree with Scott's post,you should consider a policy for yourself.
Re: Gettinig LTC for 87 year old mom
Date: 02-10-05 12:40
There is a company that will insure your mother. The name of the company is Penn Treaty Network of America. They are based in Penn. Depending on her other health conditions, she may be able to get a reasonable rate. Contact the company and have a local agent give you the cost. Good luck!!!
Penn-Treaty does not necessarily insure burning buildings. They will however, insure one that is smoking.
The have a long history of taking on high risks, which other carriers do not.
In NY, their 2 highest ratings are not available. But in other parts of the country, their Select Risk will consider someone with Parkinsons and other medical conditions that other carriers will not touch.
They limit the benfits on their Select Risk to about $100/day with a 2-year benefit period. Their exposure is minimal and their rates are high.
Putting aside their rate increase history and their finacial ratings, if someone's only option for LTCI is Penn-Treaty, then that may be an option to consider.
As an agent, one must fully disclose the pros & cons to the prospect and let the prospect make the decision.
There are a number of posts on this and other bulletin boards and the consensus is that Penn-Treaty should always be the last resort.