“short And Fat” Ltc Policies Beat “long And Skinny” Ones
Long term care insurance policies have an important component called a benefit period which greatly affectspremium costs. This article discusses what I call “Short and Fat vs. Long and Skinny LTC Policies”.
That is right — Short and Fat LTC policies! So what is a benefit period anyway?
The benefit period is the number of years that ONCE you go on claim (need help in bathing and dressing or have some cognitive impairment (Alzheimer’s or similar ailment) that the insurance company will pay the daily or monthly benefit that you chose when you applied for the policy.
So if you bought a benefit period of say 5 years, once you qualified for benefits, and satisfied the deductible (how many days of care that you need to pay out of pocket), the insurance company will pay those benefits for a maximum of 5 years in this case.
The benefit period, whether a set number of years, say 6 years for example or unlimited years are the MAXIMUM amount of time, if you used your FULL chosen daily or monthly benefit that your policy would pay on a claim.
If...
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