In a previous article, I made the statement: “You can probably get better benefits for less premium if you purchase your own long-term care policy rather than enrolling in a group long-term care policy.” There are 2 main reasons: Individually-purchased...
When buying your long-term care insurance policy, you choose a “Benefit Period”, which is a limit on how much the policy can pay in benefits over your lifetime. It is sometimes referred to as the “Policy Limit” or the policy’s “Maximum Lifetime...
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...
With most long-term care insurance policies, as your Daily Benefit increases according to the Inflation Benefit, the “Policy Limit” also increases. For example, if you were to choose the 5% Simple Inflation Benefit, and a Starting Daily Benefit of $200,...
Long-term care insurance policies will continue to pay benefits for as long as you are receiving qualified care and as long as you have not yet reached the Policy Limit. In other words, if you do not use all your Daily Benefit each day, what is not used is still...
A question I am often asked is: “If I buy a long-term care insurance policy with a 3-year Benefit Period, what happens if I go on claim and use up all of the policy’s benefits, but I continue to need care? Can I buy another policy after the first policy...