Daily Benefit
What is the “Daily Benefit” (a.k.a. “Monthly Benefit”) in a long-term care policy?
Daily Benefit = the amount of money your long-term care insurance policy can pay for each day that you receive qualified care. The Daily Benefit is the single-most important feature in your long-term care policy. Choose it wisely! The Daily Benefit is sometimes referred to as the “Starting Daily Benefit” or the “Original Daily [...]
What is the “Daily Benefit” (a.k.a. “Monthly Benefit”) in a long-term care policy
The Daily Benefit is the amount of money your long-term care insurance policy can pay for each day that you receive qualified care. The Daily Benefit is the single-most important feature in your long-term care policy. Choose it wisely! The Daily Benefit is sometimes referred to as the “Starting Daily Benefit” or the “Original Daily [...]
2 “gotchas” you need to watch out for when choosing your “Daily Benefit”
Gotcha #1: Some long-term care insurance policies have different ways of determining the Daily Benefit depending upon the setting in which you are receiving care. For example the: Nursing Home Daily Benefit may be $200, Assisted Living Facility Daily Benefit may be 70% of that (e.g. $140), and Home Healthcare Daily Benefit may be 50% [...]
How does your choice of Daily Benefit affect the cost of your long-term care policy?
When all other features in your long-term care insurance policy are the same, a policy with a $240 Daily Benefit is 20% more premium than the exact same policy with a $200 Daily Benefit. ($200 + 20% = $240) But, when making those comparisons, it’s important that all other factors are equal. The most common [...]
