- Your age when you buy the policy;
- The amount the plan pays per day;
- The maximum number of days or years that your plan pays; and/or
- The options you select, such as inflation protection.
Basic Components of Long Term Care Insurance
Basic components of this insurance mirror the noted factors.
- The daily benefit amount includes the maximum amount the policy will pay for your care per day, which can be vastly different from state-to-state.
- The benefit period is the length of time the plan will pay benefits.
- The elimination period is the waiting period before receiving benefits, commonly between 30 and 365 days.
- Inflation protection is usually an option, but an important component, as it allows your coverage to long term care price increases.