THURSDAY, OCTOBER 6, 2011
Long-term care insurance policies give consumers many different choices for coverage, care and payment options. Some of the features you can consider include:
 Accelerated premium payments: LTCI policyholders can choose a policy structured for lifetime premium payments or one that accelerates their premium payments into a shorter period. This may result in higher payments, but it can make managing the policy easier in future years.
Non-forfeiture benefits: There are times when you may not be able to pay your policy premiums, and that could lead to a lapse. When your policy includes non-forfeiture benefits, you retain a modified benefit amount, based on the premiums you paid into the policy. Adding this benefit to your policy can have a big effect on your premiums, however, so make sure it’s a practical addition for you.
Waiver of premium: It can be difficult for you or your family to maintain LTCI premium payments while you are in a nursing home receiving care. A waiver of premium benefit ends the necessity of incoming premiums after a certain event or period of time after you begin receiving long-term care.
Waiting periods: When you design your LTCI policy, you can determine what your waiting period for benefit payments is. The sooner you receive benefits. The more expensive your premium will be—but the less out-of-pocket expense you will endure after you need care. Waiting periods can consist of a set period of time after you begin receiving care (such as 60 or 90 days) or can begin immediately upon treatment.
b There is a cost associated with the long-term care you receive, whether through home health care or a nursing facility. Your policy’s daily maximum benefit determines the maximum amount the policy will pay for the cost of each day’s care.
Check with your independent agent at Insurance Advisors to get help sorting through all your Denver Insurance options.
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