|How Much Coverage Will I Have?|
Remember, you control the amount of coverage you have by the benefit choices you make.
Before you choose your Daily Benefit, please determine the following:
How Do I Choose My Lifetime Benefit?:
Maximum Benefit Limit: Most policies limit the total benefit they will pay over the life of the policy, but there are still a few offering a "lifetime benefit period". The Lifetime Benefit Period means if you go on claim, you will receive the Daily Benefit chosen as long as you qualify for benefits. You will have an endless pool of money. These are very expensive contracts and are becoming harder and harder to find.
At the time of application, you choose
a benefit period (one, two, three, or
more years, or even lifetime), the choices available depend on product
chosen. Then you choose a daily benefit ($80 - $400),
which also depends on product chosen.
3 Years Benefit Period (3 x 365 days = 1095 days):
1095 days x $150.00 Daily Benefit
Daily or Monthly Benefit Limit: Policies normally pay benefits by the day or month. Once you choose your daily benefit amount, you may have the option of choosing whether you want it paid out on a "daily" or "monthly" calculation. Some daily benefit plans offer monthly options, others do not. Other plans offer only monthly payout without a choice of a daily payout.
Daily Benefit Limit: If the Daily Benefit chosen is $150.00 per day, you can only be reimbursed up to $150.00 for any one day even if you spent more than $150.00. Example: During the month, you spend $200 (10 days), $300 (4 days), $100 (10 days) and no money some days, your total expenses for the month will be $4,200. You received care 24 days of care during this month. See calculation
Monthly Benefit Limit means if you choose a Daily Benefit of $150.00 with a Monthly Benefit Calculation... you can be reimbursed up to $4500.00 per month. Example: Using the same scenario, during the month you spend $200 (10 days), $300 (4 days), $100 (10 days) and no money some days, your total expenses for the month will be $4,200. Your benefit limit for the month was $4,500, therefore you would receive $4,200 as a reimbursement.
Monthly calculation plans usually cost more than daily benefit plans, but they offer more flexibility and opportunity to receive benefits at full reimbursement if daily expenses are greater than the daily benefit chosen.
Please Note: Whether you choose a daily or monthly benefit, the pool of money (Total Lifetime Benefit) you created will remain available as long as you are eligible for benefits and there is money remaining in the pool. If you choose a 3 year benefit and you are only using half of what's available per day or month, your benefit period will extend and continue until benefits are exhausted.
Once You Have Your Contract Verify You
Received What You Applied For!
Disclaimer: Insurance products are
offered through insurance companies with which we have sales
arrangements. Not all products/features may be available in your
state. Check with your Accountant or Tax professional on the tax
issues associated with Long-Term Care insurance purchase and
benefits. Associates of Clifton Park are not a part of Raymond James
& Associates. Securities offered through Raymond James & Associates, Inc. Member FINRA/SIPC
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