Long Term Disability insurance transfer with new job?

by Guest » Wed Jul 03, 2013 12:17 am

Tough situation: I have a new job offer that looks great on all aspects except it does not offer long term disability. Problem: while at my current job (which has such coverage), I was diagnosed with Parkinson's Disease. I am 42, and will probably need long term coverage within 10 years (which means I can't get long term coverage on my own b/c I will not be approved because of the debilitating/progressive nature of the disease).

Can I find and get into a Long Term Disability insurance contract through some type of HIPAA law or something similar since the new job offer doesn't carry it, and I want to continue it? Is there any legal "carry over" or transfer law that would allow me to transfer to an individual policy (despite the fact that I would normally be denied) since I currently have long term coverage and my (potential) new employer doesn't offer it?

I know regular medical insurance wouldn't be an issue with the preexisting condition, but I didn't know about long term coverage.


Total Comments: 4

Posted: Wed Jul 03, 2013 03:05 am Post Subject:

some type of HIPAA law or something similar

Unfortunately, neither COBRA, HIPAA nor the PPACA have anything to do with long term disability or long term care insurance. If your current employer offers those coverages, there could be a mechanism that allow you to obtain the group benefit, and then you would have the right (under most states' insurance codes) to obtain an individual policy of the type of insurance you want without proof of insurability.

Posted: Thu Aug 08, 2013 11:59 pm Post Subject:

Just a thought... life insurance policies have the availability (many carriers) of "living benefit" riders, such as accelerated death benefit riders, that allow the policyowner to access the death benefit prior to the insured's death. The insured simply needs to qualify for the benefit, and in most states, LTC needs will qualify.

Might want to check that out. Some also have LTC riders that can be attached to a life insurance policy.

InsTeacher 8)

Posted: Fri Aug 09, 2013 06:49 am Post Subject:

While what you've said is accurate, the OP has already been diagnosed with Parkinson's, and would not be likely to qualify for one of the newer policies offering an LTC benefit.

Posted: Fri Aug 09, 2013 08:40 pm Post Subject:

Max...agreed. However, if there is already an existing in-force policy that has these features, there may be the availability of coverage for this.

There's no way they'd issue the policy with a diagnosis now.

InsTeacher 8)

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