Long Term Care Insurance Policy Optional Benefits
Having a good solid basic policy is a good foundation to start with.
Long term care insurance companies can charge additional premiums
for these optional benefits. To get affordable long term care insurance
rates, eliminate or buy only a minimal number of optional benefits.
Below are common additional benefits usually offered with new long
term care insurance policies.
A caregiver who needs rest can put the insured person in a nursing
home to receive care for a certain number of days a year without
meeting the elimination period. Respite care is usually 7 to 30
days depending on your policy terms.
This option pays for to reserve your bed in a nursing home for a
certain number of days. Suppose the insured person needs to go to
the hospital but will be returning to the nursing home. Normally
the cost of the bed would not be covered because care was not being
received at the facility. This is only a valuable feature if there
is a high demand for nursing homes in your area.
Restoration of Benefits
Some policies offer to restore benefits to the original maximum
amounts after a period long term care if you are treatment-free
fore a certain period of time. If your policy has a maximum benefit
of five years and you have only used one year. With the restoration
of benefits option, your total benefits are restored to the original
five years if you do not need care for six months. Check the policy