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The “Policy Limit”  is the most that your long-term care  policy can pay in benefits over your lifetime.  It is also referred to as the “Maximum Lifetime Benefit”.

The “Policy Limit” is usually calculated by multiplying the Daily Benefit by 365 and then multiplying that amount by the number of years in your Benefit Period.

For example, if you choose a $200 Starting Daily Benefit, and you choose a 6-year Benefit Period, your starting “Policy Limit” would be $438,000. That is calculated as follows:

$200 per day x 365 days per year x 6 years = $438,000

(If a long-term care policy has a “Monthly Benefit” amount, rather than a Daily Benefit amount, the Policy Limit is calculated by multiplying the “Monthly Benefit” by 12 and then multiplying that amount by the number of years in the Benefit Period.)