Are You Insurable If You Have Alzheimer's Disease or Dementia?
If you or a family member is living with Alzheimer’s Disease or any other kind of dementia, you might be curious if insurance is still an option.
Insurance underwriting can be tricky sometimes, especially if you have a serious medical condition. However, there are generally a few exceptions depending on the type of insurance you’re looking for.
Can you get health insurance if you have Alzheimer's or dementia?
Assuming you’re over age 65 and are on Medicare, your health insurance options will be very limited once you’re diagnosed with Alzheimer’s Disease or any form of dementia.
Even if you aren’t officially diagnosed, most underwriters will do a phone interview as part of their screening process. During that phone interview, they may do a cognitive test, and if you show any signs of dementia, you may be declined.
You would not be able to purchase a Medicare Supplement insurance policy unless it is a Guaranteed Issue (GI) product. That means it’s a product you can apply for without answering and passing health questions. In some states, there are companies who have a GI Medicare Supplement available no matter what, but in others, there aren’t.
Our team here at Medicare Allies can help you if you want information about your specific state.
Alternatively, you would be eligible for a Medicare Advantage plan no matter what state you’re in. Medicare Advantage is an alternative to Original Medicare.
Can you get life insurance if you have Alzheimer's or dementia?
Most life insurance applications have health questions, and in those situations, anyone with Alzheimer’s Disease or dementia would not be able to qualify.
However, there are life insurances that are Guaranteed Issue (GI), which means you could get them without answering any health questions.
These plans tend to be more expensive, which is why planning ahead and purchasing insurance plans before you have any serious medical conditions is so important.
Can you get ancillary insurance if you have Alzheimer's or dementia?
For ancillary insurance products like cancer insurance and dental insurance, you may be able to get coverage, even if you have dementia.
These types of insurance don’t have such length health questionnaires, and the underwriting process is usually much simpler than health insurance products.
Insurability if you have Alzheimer’s Disease or dementia
Getting insurance when you have memory loss can be very difficult, not only for the individual, but also for the insurance agent.
Most insurance agents and agencies will request that a family member or power of attorney be present when selling insurance to someone with memory loss. This can be a tricky situation, especially if the individual agrees to purchase insurance and either doesn’t tell a family member or forgets.
There are many stories of agents who received major backlash from family once they discovered that the agent sold their parent insurance without telling anyone else.
If you or a loved one suffers from memory loss, know that you still have options when it comes to insurance, even if they’re limited.
If you need any help at all, please contact us here at Medicare Allies.
Our team of dedicated, licensed agents can help you as little or as much as you need. Whether it’s answering a few questions about Medicare or creating a comprehensive Medicare Planner with you, we are your Senior Allies.
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