Choosing the most appropriate elimination period of the long-term care insurance (LTCi) policy requires careful consideration. The elimination period refers to a specific period of time before the Long-Term Care insurance policy will begin to pay benefits or reimburse the cost for covered care to the insured that has become eligible to receive them. Meanwhile, you will be responsible for paying the full cost of your long-term care during the elimination period. This is also called the waiting or deductible period.
It is important to choose the elimination period that you are comfortable with throughout the life of the policy--which may cover several decades. A long-term care specialist can design a plan including which is the best elimination period depending on your own personal situation. If you have significant assets, you may opt for a longer elimination period. This will also lower your premiums.
During your long-term care consultation, your long-term care specialist will explain how different carriers count their elimination period days. Depending upon each carriers definition, some policy's elimination period may begin sooner than others.
No matter what the elimination period is, the premium that you will be paying must be affordably comfortable. A long-term care specialist will be able to help design the best plan while still keeping it affordable. Having some insurance is better than not having any coverage.
The bottom line is...when the time comes to collect on your long-term care insurance policy, any amount will be greatly appreciated.
For More information: http://www.LongTermCareInsurancePros.com
Friday, August 21, 2009
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment