Most insurance for long term care features is flexible to meet the consumers' demand and budget.Two of the important features that can be customized are the benefit period and amount to help policyholders manage their resources and prepare for the costs of the premiums.You can check this link right here now to know more about the disability insurance quotes.
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Long term care insurance benefit period
The "benefit period" simply means the period the benefits will pay for your coverage.Most policies offered throughout the United States have an average period between two and three years, but they can be extended up to five or more years, depending on the person's needs.
You may select the benefit period anywhere from two or even lifetime coverage.Seniors with cognitive disorders such as Alzheimer's or dementia may need five or more years of benefit period than those with just simple disability.
Nevertheless, a longer benefit period will eventually make premiums more exorbitant compared to shorter benefit periods. Keep in mind that when you don't consume your entire monthly benefits, your benefits will stay in the pool and last longer than your expected benefit period.
Insurance companies define the maximum benefit period in two ways.First, the policy may issue one-time maximum benefits that are usually stipulated in years, for example, a five-year policy will pay the coverage for long term care coverage for five years.
Next, some companies refer to the maximum benefit period as the "period of disability." This means, for instance, a five-year maximum benefit period would pay LTC services during the period of disability.
Some companies convert the benefit period into maximum dollar amounts and do not cut the number of days the policy would pay for coverage – the overall dollar amount will be the basis on how long the coverage lasts.