How to Determine the Right Long Term Care Insurance Benefit Period and Amount

Most insurance for long term care features are 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.

Long Term Care Insurance Benefit Period

The “benefit period” simply means the period of time the benefits will pay for your coverage. Most policies offered throughout United States have the 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, longer benefit period will eventually make premiums more exorbitant compared to shorter benefit period. 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.

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