Personal Long Term Care – FAQ

Personal Long Term Care

  • What is the difference between the benefit period and the daily benefit?
    • 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 the insurance company on a daily basis for your care. Again, you can  select daily benefits you feel will be appropriate for you, and our professionals can help you to determine just what those might be.

  • What is an elimination period?
    • 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 deductibles measured in days with options like: 0 days, 20 days, 60 days or 100 days. 

  • When should I purchase long term care insurance?
    • 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 time, it will be more expensive and if you have developed health issues, it may increase your premium or even keep you from securing coverage at all. Contact the professionals at Clark-Mortenson now to discuss how long term care insurance fits into your financial strategy for a secure retirement.