No matter what insurance policy you
buy, there are always going to be exclusions; things your insurance
policy will not cover. In almost all cases, this will include
important facts that you did not disclose prior to taking out the
policy, intentional acts that cause a financial loss that the
insurance would cover, and conditions that are excluded by the
policy itself. Obviously, all insurance excludes losses due to
fraud by the insured.
The same things apply to all
long-term care policies. Preexisting conditions are often not
covered and there is also a likely waiting period before coverage
kicks in. The reason it does so to prevent people from taking
out coverage only when they know that they will have a loss.
This is much like property coverage in coastal communities where no
new policies will be written in the path of an oncoming hurricane.
In many cases, preexisting
conditions will terminate over time and full coverage can begin in
One of the biggies to look for is a
permanent exclusion of Alzheimer's Disease or any other specific
ailment. Alzheimer's Disease is a leading cause of nursing
home admissions and you don't want to find out too late that your
insurance doesn't cover it.
Obviously, other conditions apply
as well. Self-inflicted injury or suicide attempts are often
excluded and many insurance policies exclude problems coming from
drug addiction or alcoholism.