Benefits Over Time Chart. & How Much Does It Cost
How much does it cost?
The cost of LTC insurance is different for each person
depending on their wants and needs and the cost for the area they are living in.
The cost for nursing home care varies from state to state.
Here are some basic factors used to determine the base
premium for the policy.
- Your
age. The younger you are when
you take out the policy the lower the premium will be.
- Your
health. Depending on your
general overall health this will determine your acceptability for coverage.
Your wealth pays for the premium but your health buys the coverage.
- Benefit
periods. The amount of time
benefits will be paid. For
example 1, 2, 3, 4, 5years or unlimited.
- The
deductible or elimination period. This
is the number of days that you are confined to a facility: 30, 60, 90 180,
etc. During this period you pay
for the long- term care directly. After the selected time the insurance company starts to
pay for the specified coverage.
- Benefit
amount. The amount of coverage
benefit selected per day. For
example: $100, $140, $175, $200 a day benefit etc.
- Once you have looked at Long- Term Care
Insurance, the most important thing is to not procrastinate making your
decision. If LTC Insurance is
the answer to your LTC need, pick a premium you can afford and purchase a
LTC insurance policy based on your budget.
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