Elimination Period: Just as you have
deductibles on car insurance, the elimination period is the amount of time you
choose to have before the policy’s benefits will begin. The longer the
elimination period, the less expensive the
policy.
Non-forfeiture Option: This allows you
to retain some benefits even if you do not continue to pay the premiums. There
is usually a certain minimum amount of time you must pay the premiums for, and
the benefit you will receive will be based on the premiums paid. You will not
receive the full benefit that you would if you continued to pay your premiums
all along.
Daily Benefit: This is the amount per
day that the policy will pay out for all long term care
costs.
Lifetime Benefit: This is the total
amount that the policy will pay out for expenses. If you use your maximum
benefit amount, you will be responsible for any additional long term care
costs.
Benefit Period: This is the maximum
length of time that the policy will pay long term care expenses. This is
calculated in terms of the length of care actually paid
for.
This is not a complete list of terms and
policy options associated with long term care products. For additional
information, please contact our office.
“Clients
Only” Area Now On Our Website!
Our office now has a “Clients
Only” area on our web site where you can get the information you need when
you need it. Search provider directories and formularies for all of the
carriers, download and print forms, or email a labor attorney with a labor
question that you have. Also, you (or your employees) can send Benefits Plus a
request to look into a claim issue. If you do not have your user name and
password, please contact our office so that you can begin using our web site
today! If you already have your user name and password, log on to
www.benefitsplus.com today to see how it can help you.
