by Vincent P. Benitez, RHU, CLTC | Sep 8, 2017
Without long-term care insurance, an individual is in effect, self-insuring for the possibility of long-term care. Self-insuring puts retirement income is at risk, may require illiquid assets to be liquidated, and the value of equities might be compromised when sold...
by Vincent P. Benitez, RHU, CLTC | Jul 25, 2017
The Elimination Period: Calendar Days or Service Days The Elimination period is the number of days an individual is responsible for self-funding a qualified long-term care event before benefits begin to be paid. It’s similar to a deductible but measured in days either...
by Vincent P. Benitez, RHU, CLTC | Jun 6, 2017
Long-term care insurance benefits cover the cost of care up to a monthly maximum amount. The maximum is either the daily cost of care or the monthly cost of care. The difference impacts the insured’s out of pocket expenses. Case in point: Cost of Care...
by Vincent P. Benitez, RHU, CLTC | May 31, 2017
Reimbursement is the standard way Tax Qualified policies pay for qualified long term care expenses. Some reimbursement contracts also offer a Cash Benefit (indemnity) choice in advance of care as a monthly lump sum. Case in point: A Reimbursement policy will...
by Vincent P. Benitez, RHU, CLTC | Mar 27, 2017
The difference between a daily and monthly long-term care benefits may seem obvious, but how it affects the client’s wallet may not be as clear. A daily benefit pays up to the maximum benefit amount each day for covered services. A monthly benefit pays up to the...
