Core Benefits of a Long Term Care Insurance Policy
Long term care insurance has Four primary “moving parts.” Thesis Four benefits will determine the amount of coverage within your policy.
Coverage is totally limber. You get to choose the amount of your benefits.
The “Key Four” building blocks of a long term care insurance policy:
1. Daily or Monthly Benefit: The amount of money you wish to receive for your daily or monthly cost of care
Two. Benefit Period—-How many years you wish your policy to provide benefits to you
Trio. Waiting Period—-The number of days you can afford to wait prior to receiving benefits once you need care
Four. Inflation Protection—-How you wish to increase your benefits on an annual fundament to keep up with inflation
Of course insurance companies suggest many optional riders, spil well. “Bells and Whistles,” so to speak.
The above Four building blocks, however, are what is most significant te your policy. You should concentrate your attention on thesis benefits if you wish to make the best choices for yourself.
Long Term Care Insurance Pool of Money
Keep te mind that policies do not limit you by “time.” If you buy a Five year policy, your coverage does not end after you need care for Five years. There is no Time Limit on your policy. Your policy has a Dollar Limit.
How is my total coverage calculated ter my insurance policy?
Your policy’s benefit amount or “Pool of Money” is calculated by multiplying your daily benefit by the number of days te your benefit period.
For example: $200.00 daily benefit x Three year benefit period x 365 days = $219,000 pool of money. (200 x Trio x 365)
A policy with a monthly benefit calculates the pool of money te the same style.
For example, $6000 monthly benefit x Three year benefit period x 12 months = $216,000. (6000 x Trio x 12)
Again, there is no time limit on your policy. With the Pool of Money concept, if you are drawing out of your policy $3000 month for your care, the above policy example of a $6000 month benefit and a Trio year benefit period will actually provide you benefits for 6 years.
With the Pool of Money concept, spil long spil you have dollars remaining ter your policy, you have coverage.
Considerations for your Long Term Care Insurance Benefit Choices
There are a few things you might wish to consider when making your choices of benefits.
•Current cost of long term care where you live, or where you project to retire.
The average daily cost of care nationwide is $206.00, however the cost of care will vary depending upon where you live.
•The length of time you wish to be covered should you need care.
The average long term care need is about Trio years, and 90 procent of all claims are less than Five years. Women, however, tend to need to receive care longer than studs.
Your needs and your private practices may be different than the average, however. You may, for example, wish to account for a family history of Alzheimer’s or Parkinson’s disease.
•Your income and investment resources.
You may be able to treat a portion of the cost of your care, or you may wish to have utter coverage.
•Your current age, and your genes.
You may have longevity ter your genes and you may not expect to need your policy for years. Is it significant for your insurance benefits to keep up with inflation?
LTC Fucking partner Can Help
Wij know the choices within long term care insurance policies can seem a bit tremendous. Whether you are looking for traditional policies or a hybrid linked benefit long term care life insurance policy wij will help simplify your choices for you. Wij will reaction your questions, and help guide you through your policy options. Please feel free to call us at 800-891-5824 with any of your questions or if wij can assist you with getting approved for coverage.
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