Return to Original Long Term Care Insurance Discussion Board Archived Index

Re: Daily vs Monthly

Posted by Scott A. Olson on November 23, 2002 at 22:05:24:

In Reply to: Daily vs Monthly posted by Fred Williams on November 23, 2002 at 20:11:49:

Fred,

For facility care, there is no difference between monthly benefits or daily benefits. The reason is because facilities typically charge a fixed daily rate. There are not fluctuations in the daily charges.

The only time that a monthly payout is beneficial for home care is if you do not need home care everyday (which is very rare) OR you do not use up all your daily benefit each day. If you do not use up all your daily benefit each day, then the monthly benefit calculation could be beneficial because you'd have daily benefit left over to be used on other days that month. In my opinion, it is an insignificant feature and not worth paying a lot extra for.

Scott A. Olson, CLTC

Follow Ups:

Re: Daily vs Monthly : Fred, : For facility care, there is no difference between monthly benefits or daily benefits. The reason is because facilities typically charge a fixed daily rate. There are not fluctuations in the daily charges. : The only time that a monthly payout is beneficial for home care is if you do not need home care everyday (which is very rare) OR you do not use up all your daily benefit each day. If you do not use up all your daily benefit each day, then the monthly benefit calculation could be beneficial because you'd have daily benefit left over to be used on other days that month. In my opinion, it is an insignificant feature and not worth paying a lot extra for. : Scott A. Olson, CLTC

Return to Original Long Term Care Insurance Discussion Board Archived Index

Learn More About Your options...

Texas license # 1270417