Inflation Benefit = how a long-term care insurance policy’s benefits grow in order to try to keep pace with the increasing costs of care. Source: National Association of Insurance Commissioners A Shopper’s Guide to Long-Term Care Insurance 2009 The Inflation Benefit...
The Inflation Benefit is how a long-term care insurance policy’s benefits grow in order to try to keep pace with the increasing costs of care. The Inflation Benefit is sometimes called “Inflation Protection” or “Benefit Increases” or...
Most long-term care insurance policies offer several choices for the Inflation Benefit. The most common “Type 2” Inflation Benefit choices are: 3% Compound: the Daily Benefit you choose for your long-term care policy will automatically grow each year by...
Be aware that some long-term care insurance policies offer Inflation Benefit options that stop growing at a certain point. Another way to say this would be that the Daily Benefit (or Monthly Benefit) has a “cap” on it. For example, an Inflation Benefit...
How does the Inflation Benefit impact the Daily Benefit of your long-term care insurance policy? I noted in a previous post that the Daily Benefit is the single most important part of your long-term care policy. The Daily Benefit, however, is linked to the Inflation...
Depending upon your age, when buying your long-term care insurance policy, you may be better off buying a higher Daily Benefit with a 3% Compound Inflation Benefit rather than a lower Daily Benefit with a 5% Compound Inflation Benefit. In some situations, it might be...
