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Age
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18 - 84 with many coverages |
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Daily Benefit Amount
That's the maximum amount you want to receive
daily for nursing-home and home-care coverage.
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up to $50-$300 per day typically available in $10 increments |
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Benefit Periods
A period of three to five years ought to be enough for most people.
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2,3,4,5,6 and 7 years, Lifetime (or Unlimited). |
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Elimination Period (Deductible)
This is the period during which you
must pay for care out of your own pocket before benefits kick in.
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Various - including 0, 7, 20, 50, 60, 90, 100 days (or longer). Many are once in a lifetime occurences.
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Facilities Only
Most planners recommend purchasing the same benefit
for both nursing home and home health care.
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Some policies offer Nursing Home or Assisted Living Facilities-Only coverage
for a lower premium than for a Comprehensive Plan, which includes Home and
Community based care.
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Home/Community Care |
Most plans offer 50%-80%-100% of the Daily Nursing Home Benefit selected. A
few companies offer options for Home Health Care Only Policies.
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Inflation Options
Companies often offer inflation-protection riders
that increase the daily benefit amount.
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5% Compound or 5% Simple Automatic Annual Benefit Increase, or Guaranteed
Purchase Option, or Consumer Price Index Options
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Non-Forfeiture Option |
Provides same policy coverage, but for a shortened benefit period if the
policy lapses after 3 years due to non-payment of premium. The Contingent Nonforfeiture Benefit provides that in the event that rates are increased by more than a specified amount shown in the Contingent Nonforfeiture provision, you will be provided with the opportunity to: pay the increased premium, decrease your benefits to a level supported by your current premium, or elect the Contingent Nonforfeiture Benefit. Under the Contingent Nonforfeiture Benefit, your policy will remain in force with a reduced policy limit equal to the sum of the premiums you have paid. This means that a reduced benefit will be payable instead of the full policy limit.
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