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What is the “Inflation Benefit” in a long-term care insurance policy?

by Scott A. Olson, CLTC

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...

What is the “Inflation Benefit” in a long-term care insurance policy?

by Scott A. Olson, CLTC

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...

What are some common choices you have for a “Type 2” Inflation Benefit

by Scott A. Olson, CLTC

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...

Watch out for this “gotcha”: Inflation Benefits that stop growing!

by Scott A. Olson, CLTC

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 your choice of Inflation Benefit impact the Daily Benefit over the life of your long-term care policy?

by Scott A. Olson, CLTC

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...

Little known secret about the Inflation Benefit in a long-term care policy

by Scott A. Olson, CLTC

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...
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