Genworth, the nation’s largest provider of long term care insurance, issued a press release today announcing a change in underwriting guidelines for their long term care insurance policy Privileged Choice Flex 2. The change affects applicants with non-insulin dependent, Type 2 Diabetes.
Underwriting Category Eligibility
According to the press release, all applicants with non-insulin dependent, Type 2 Diabetes will no longer be eligible for the “Select” underwriting category. They will now only be eligible for the “Standard” underwriting category and applicable quotes will apply for these policies. The change in underwriting guidelines only impacts applicants for Privileged Choice Flex 2 and will go into effect on August 26, 2013.
View Genworth’s TrueView Underwriting Guide for complete details and information. Genworth began selling long term care insurance in 1974 and since then, has paid more than $6.7 billion in long term care claims.
Diabetes in the US
Diabetes is increasing in prevalence across the United States and is a cause for concern among both the medical and insurance industries. 26 million Americans now have diabetes and another estimated 79 million are suffering from prediabetes. These conditions, frequently caused by obesity, continue to increase in both children and adults across the country. According to the CDC, 1 in 3 children born in the United States after 2000 will have diabetes if the trends continue, costing the nation more than $115 billion in direct medical costs every year.
Diabetes and obesity pose a huge threat to our nation as they decrease productivity and increase overall medical costs. Long term care insurance is a smart financial planning tool that helps cover the cost of care should someone affected by obesity or diabetes need help with daily activities, but maintaining your health is just as important as insuring it. In order to avoid the costly toll of these diseases, preventative measures are key. Prevention of these conditions consists of a healthy diet based on proper nutrition and regular exercise.
Obesity and LTCI
Obesity and diabetes are two of the most common reasons people need long term care insurance, as they can often impede someone’s ability to perform daily tasks on their own. Long term care insurance provides benefits should someone ever need long term care in a nursing home, assisted living facility, or in their own home from a licensed health professional. These situations often arise suddenly and without warning, so being prepared makes all the difference.
Rates for long term care insurance policies vary widely, so be sure to work with an independent agent. At LTC Tree, we strive to educate our clients about their different long term care options and get them the best coverage for the lowest rates. If you are interested in a policy or curious about premium rates, call us today at 1-800-800-6139 or request a quote online and we will be in touch with you shortly.