Long Term Care

Long Term Care Insurance Policy Options

There are many important options that need to be decided on for a LTCi policy. Here we outline the biggest ones in common long term care insurance policies.

Long Term Care Insurance Benefit Amount

The benefit amount of a Long Term Care insurance policy is the biggest factor in determining your policy's overall cost. The benefit amount is the amount the policy pays out to you if you need long term care. The payouts can be from $50 a day to unlimited amounts. To make the best choice for yours benefit amount, you need to know the overall costs of care in the area you plan on living in when you may need care.

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Long Term Care Insurance Benfit Period

The benefit period is the amount of time your policy will pay out from the point of claim. These benefit periods range from 2 years up to unlimited or lifetime policies. The bulk of policies offered today are what they call "pool of money" or "bucket of money" concepts.

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Long Term Care Insurance Elimination Period

Long Term Care insurance Elimination periods (also commonly known as the deductible or waiting period) is the time you need to wait to begin to receive a payout from the policy. Once long term care has been started, you must initially pay out of pocked for a set period of time. After the given amount has passed, the insurance will cover the rest. You can purchase a policy with a 0 day elimination period all the way up to a year.

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Long Term Care Insurance Inflation Protection

There are a slew of riders available in today's Long Term Care insurance. One of the most important ones would be the inflation option which allows your benefit amount to increase over time to keep pace with inflation.

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