What is the difference between the benefit period and the daily benefit?What is an elimination period?When should I purchase long term care insurance?
The benefit period is the length of time you will receive payments from the insurance company once you begin using your long-term care policy. You select a specific number of years (some plans have a lifetime option.) depending upon your specific resources and needs. The daily benefit is the amount of money you will receive from…Read more
You can think of the elimination period as another way to describe long term care insurance deductible. This is the number of days that you will be responsible for paying for your care before the insurance begins to pay. Other insurance plans have deductibles that are measured in dollars. Long term care insurance policies have…Read more
The optimum age for purchasing long term care insurance is between the ages of 45 and 50 because this is the age when you will get the most value for your premium dollar. Most people don't think about purchasing the coverage until they are in their 60's. Although you can still obtain coverage at that…Read more