My husband and I just underwent applications for long term care insurance. We were looking at life insurance with a long term care rider through Nationwide and recommended through TIAA. I am 49 and in good health. My husband is 59 and has a condition for which he takes Humira. However, it is being well managed, he is asymptomatic, and feels great. I was accepted; he was rejected.
Hindsight is 2020. Had we seen his autoimmune coming, we would have undergone underwriting 5 years ago. But then again, we were plowing money into retirement investments and we also didn’t have an inheritance which helped us retire.
Now we’re trying to decide on next steps, and I would appreciate feedback from others who have worked through this. I could take coverage and we can approach another independent agent who works the long term care insurance marketplace to try to secure coverage for him. I would like to think there are agents who are more assertive with underwriters and could advocate. I could reject it now and we could both try to undergo underwriting elsewhere. We could perhaps explore other long term care savings vehicles. Or, we could just say screw it, spend down our assets, and depend on Medicaid. We have no children, but given our age difference we need to have some sort of plan.
