Strict Guidelines on Long Term Care Insurance Elimination Period
There is no doubt that long term care insurance policies offer and provide benefits and other perks that the policyholders can take advantage of. These benefits are the primary reasons why every individual must consider getting an LTC insurance plan for their future LTC needs. But there are some other things in relation to LTC insurance policies that every person must know and this includes the long term care elimination period, which is often misunderstood and misinterpret.
The elimination period of an LTC insurance plan is the length of time or duration between the moment the illness or injury of the insured person starts and the time when he starts receiving his policy benefits from his insurance provider. Elimination period is also regarded as waiting or qualifying period wherein the policy owner must pay for the meantime the services that he will incur and these can be considered as a deductible as soon as his insurance company starts to give him the payment as one of his policy benefits.
There are varying provisions of elimination period for every type of LTC insurance policies available so it is better to get a hold of information and understand how the elimination period in your chosen insurance policy works. This will also prevent confusion and misunderstanding between the insurance company and the insured individual.
Just like with the monthly premiums and other rates, the elimination period of certain policies also differ depending on the state where the individual purchased his plan.
Usually, it appears that the shorter the long term care insurance elimination period is the more expensive and costly the policy is and vice versa. Insurance companies typically offer practical and reasonable rates for a 90-day elimination period but bear in mind that although an elimination period of more than 90 days costs less, there just might be even greater risk that you spend more money.
One more important thing to remember when choosing an LTC insurance policy is that there are some types of insurance plans that require the elimination period to have consecutive days of disability before the insurance provider reimburse or pay the individual of his expenses.
For example, if your LTC insurance plan has 90 days elimination period, you should be able to provide documents or proofs that will show that you were hospitalized or was disabled for 90 consecutive days before your policy coverage begins. This is one of the strict guidelines and conditions that insurance companies have when it comes to elimination period.
The insured person may not be given or will not be able to qualify for an insurance coverage even if he accumulates a total of 90 days of hospitalization or disability. Once again, his being disabled and hospitalized must be for 90 consecutive days, nothing less.
You see, LTC insurance plans, aside from being expensive, is also complicated, most especially when benefit coverage and long term care insurance elimination period get in the picture. One has to understand every little detail to make sure that he buys the right type of insurance policy for his needs and budget, and make sure that his money is all worth it.
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