When you get a long term care insurance quote it is important that you understand about the benefit period. This is very important so there is no confusion about coverage. The benefit period corresponds with the waiting period. These two go hand in hand and they also affect the amount of money you will pay on your premium.
1. The benefit period on a long term care insurance policy is the time frame that you will receive benefits from your policy. This period will appear on the policy documents in the form of dates.
2. You are in control of the benefit period. This period of time is not the same on all policies. You can choose how long you want the benefit period to be. Most policies allow you to choose from two to six years of coverage or even the rest of your life.
3. When the long term care insurance cost is determined it is important to understand what the waiting period is. This is also called the elimination period. The waiting period can be from 0 to 100 days. A longer waiting period means less money that you have to pay in premiums. This is because you do not have coverage during this time frame. When you need to seek long term care during this period you have to pay all expenses out of your pocket.
4. If you choose to receive benefits right away with a benefit period of only a couple of days or no days the long term care insurance quote will be much higher. The way to get the insurance rate lower is to have an elimination period of a longer amount of time.
5. Confusion occurs with people when they have a long term care insurance policy and they don't understand about the benefit period or the elimination period. This is why it is important to understand all of the terms and conditions in an insurance policy. Some people end up on having to pay a significant amount of money when they have a long waiting period on their long term care insurance policy.
6. If you are in good health and looking at the long term care insurance cost you might consider a waiting period of a longer period. If you think you will need to obtain coverage right away you should have a shorter period. You don't want to be in a situation where you are responsible for thousands of dollars of medical bills that you cannot pay. Be sure your long term care insurance quote gives you the cost of different waiting periods so you can see the difference.
1. The benefit period on a long term care insurance policy is the time frame that you will receive benefits from your policy. This period will appear on the policy documents in the form of dates.
2. You are in control of the benefit period. This period of time is not the same on all policies. You can choose how long you want the benefit period to be. Most policies allow you to choose from two to six years of coverage or even the rest of your life.
3. When the long term care insurance cost is determined it is important to understand what the waiting period is. This is also called the elimination period. The waiting period can be from 0 to 100 days. A longer waiting period means less money that you have to pay in premiums. This is because you do not have coverage during this time frame. When you need to seek long term care during this period you have to pay all expenses out of your pocket.
4. If you choose to receive benefits right away with a benefit period of only a couple of days or no days the long term care insurance quote will be much higher. The way to get the insurance rate lower is to have an elimination period of a longer amount of time.
5. Confusion occurs with people when they have a long term care insurance policy and they don't understand about the benefit period or the elimination period. This is why it is important to understand all of the terms and conditions in an insurance policy. Some people end up on having to pay a significant amount of money when they have a long waiting period on their long term care insurance policy.
6. If you are in good health and looking at the long term care insurance cost you might consider a waiting period of a longer period. If you think you will need to obtain coverage right away you should have a shorter period. You don't want to be in a situation where you are responsible for thousands of dollars of medical bills that you cannot pay. Be sure your long term care insurance quote gives you the cost of different waiting periods so you can see the difference.
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Care Insurance Guide, ask questions and request a
care insurance quote. We represent 20 of the top LTCi
providers. This gives you tremendous options.
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