Common Features

Once you begin reviewing private long term care insurance it is important you ensure your chosen policy has the features you expect. This section provides a list of common features, riders (additions to your plan), and other potential benefits.

Common Features

  • Facility Care – Nursing Home or Assisted Living Care – these benefits pay the daily expense, up to your pre–determined level, for each day you spend in a nursing facility or assisted living care. These benefits can include a bed reservation benefit to ensure a place at the facility is waiting for you if you temporarily leave.
  • Home Care
    • Home Health Care – Pays expenses incurred for care provided in your home.
    • Adult Day Care – Pays for expenses incurred through attendance at an Adult Day Care facility.
    • Homemaker Services – Pays for expenses such as laundry, groceries, cleaning, and so on.
    • Informal Caregiver – Pays for a friend or family member to care for you.
    • Caregiver Training – This benefit pays to train a friend or family member to properly care for you.
    • Durable Medical Equipment – For special equipment like wheel chairs, hospital beds, respirators, etc, this benefit pays to purchase or rent such equipment.
    • Home Modification – Pays to modify your home to assist you in performing your daily living activities.
    • Medical Alert System – Pays for rental and installation of a medical alert system.
    • Medication Management – Pays for services to help ensure medications are taken properly.
  • Daily Benefit – The daily benefit is the 'dollars per day' you would like your policy to pay towards your care.
  • Duration of Benefits – When you purchase your policy you decide how many year's your policy will pay for care. Duration is typically two years at the minimum and unlimited at the maximum.
  • Protection against Inflation – With a 4.1% inflation rate a year of care in 30 years could cost well over $200,000. Protection against inflation is handled by choosing a larger daily benefit or with policy riders like 'Simple' inflation protection or 'Compound' inflation protection.
  • Elimination Periods – Elimination Periods are essentially the deductible on your plan. It is measured in the number of days you must receive services before the plan kicks in to pay benefits. Elimination periods generally range from zero days to 180 days.
  • Waiver of Premium – This benefit means your premium's do not need to be paid while you are receiving benefits from the plan.
  • Pool of Money – The pool of money feature provides flexibility to your benefits. For example if you chose a $200 per day benefit for three years, your pool would be $219,000 ($200 x 365 days x 3 years). So, if you used less than $200 per day your benefit period of three years would be extended.

Specific Riders

  • Shared Benefits – This feature allows a spouse that has exhausted their benefits dip into their spouse's benefits.
  • Non–Forfeiture – Generally a non–forfeiture benefit will allow some benefit to remain after you have stopped paying your premium.
  • Return of Premium – Refunds premiums to your beneficiary at time of death.
  • Survivorship Benefit – After a certain period of time, if one spouse dies, the other spouse's policy is considered paid up and no additional premiums are due.
  • Restoration of Benefits – Benefits are restored to their original levels if you receive benefits but then do not need them for a certain period of time.
  • 3rd Party Notification – this feature notifies a friend or family member if your premiums go unpaid to protect against an unintended lapse.
  • Waiver of Elimination Period for Home Health Care – this benefit waives your deductible if you require long term services in your home.
  • Spouse Benefit – For additional premium, some policies will provide benefits to a spouse who does not have their own long term care insurance.

Other Potential Benefits

  • Care Coordinator – This service provides you access to a health care professional that can help develop an individualized plan of care and help execute it.
  • Alternate Care – This feature provides flexibility for new care innovations in the future by allowing services unspecified in the policy to be paid when they are approved by a care coordinator.
  • Patient Advocacy – This feature pays for periodic assessments of your care to be sure it meets proper standards.

Have Questions?

If at any point you would like to speak with someone for more information,
contact 1-800-258-7041 or fill out our Request Information form!