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Aside from the maximum benefit amount, your Long Term Care Insurance Benefit Period, elimination period, and level of inflation protection require careful thought because a miscalculation of any of these factors can result in an ineffective coverage. If your long term care insurance (LTCI) policy has a very small maximum daily benefit amount you will wind up having bigger out-of-pocket expenses. Meanwhile, if you hastily decide to settle for a very high daily benefit amount you could have problems maintaining your annual premium. Experts in the field of LTCI say the higher one’s maximum benefit amount is the higher the premium of his coverage while the smaller his benefit amount the smaller his premium. That is why it is very important to analyze very well not only your future health care requirements but also the average cost of care where you live before deciding on your policy’s maximum benefit amount. However, others believe that it is better to opt for a high benefit amount and a short benefit period because even if the policyholder reaches the end of his benefit period he will still continue to receive coverage until he has finally consumed his entire insurance benefits. As for the computation of your policy’s benefit period LTCI experts suggest that you use the average length of nursing home stay, which is reported at the national level, as your guide if you are completely clueless about how long you will need LTC services. Then again, they strongly encourage their clients, albeit difficult, to try and figure out what they will potentially need in the future health care wise because this is the only way that they can save on the premium of their coverage. Just keep in mind that a longer benefit period equates to a higher premium rate while a shorter one would mean a lower premium. Long Term Care Insurance Benefit Period Visiting a doctor and having your present health condition and family history assessed is a tried and tested way to figure out your future health care requirements according to health care professionals. It’s oftentimes the single people who have to carefully compute the maximum benefit period of their LTCI policies to avoid overspending on their premiums because married couples have the option to apply for a joint policy instead of two separate policies so that they can get a shared pool of benefits which will result in premium savings. For instance, a shared LTCI policy that stipulates a three-year benefit period will give each spouse three years of coverage. Should one spouse require more than three years of care the other spouse’s pool of benefits shall be available. Deciding on your long term care insurance benefit period should not be complicated if you know exactly what you will need in the future. However, if this is something that you cannot figure out on your own you can always seek advice from the experts. Get in touch with a seasoned insurance agent who is adept not only in LTCI but in financial planning, as well. Check out our website now for long term care insurance costs and long term care quote.
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