If an insurance policy is not guaranteed renewable, the company may cancel the coverage at its discretion. A policy that is not guaranteed renewable is like no insurance at all. In addition to the above considerations, you should also examine policies for preexisting conditions and eligibility features. A preexisting condition is a health problem that a policyholder had before becoming eligible for coverage. Insurance companies usually require that a certain period of time passes before the policy pays for care related to a preexisting condition.
Most companies currently use a six-month preexisting limitation condition period.
If a long-term care policy contains this type of limitation, care due to a preexisting condition within the first six months of the policy would not be covered. Eligibility requirements of a policy define the age limitations for buying long-term care insurance. For most policies, individuals are unable to purchase a policy after a certain age. Each company sets its own age limit, usually around age 79. In addition, most policies are available only to those over the age of 50.