I can get it when I will need it
Unfortunately, this one falls into the category of being a myth and far from a misconception. We do not know where this originated, but you will not be able to get long-term care insurance if you have already gotten a diagnosis of an illness. The coverage is meant to help you with expenses down the road, and from the point of view of insurance companies, you cannot metaphorically insure a home when it has already caught fire.
The same metaphor works when you apply for an LTC as well. Since they will be looking at your most recent medical records, if you have already been diagnosed with something of the sort, they will most likely end up denying your claim. Statistics show that 17% of people in their 50s end up being denied, but that number rises to 45% when people reach their 70s!
To make sure that you have the best chance of being approved, make sure you apply as soon as you can since once you are qualified and are paying premiums, they will not be able to take the insurance back if any medical issue comes up.
Yes both my husband and myself have it.
I’m 81 with lots of health issues. I missed the boat on this one.