Return to Original Long Term Care Insurance Discussion Board Archived Index

Re: benefit periods

Posted by Matt on October 07, 19100 at 00:39:18:

In Reply to: benefit periods posted by Toby on September 21, 19100 at 13:01:16:

: i've been talking with a few ltc agents here in chicago and they seem to recommend a 3 or 4 year benefit period. what is the average ltc policy benefit period? is a lifetime plan worth the extra premium

: -toby

It depends upon your age. The younger you are the longer the benefit period you should consider. My rule of thumb is if you are under 65 you should consider lifetime. Then for every three or four years over age 65 that you are when you apply you should reduce your benefit period by one year (i.e. 65 to 68 - 5 years, 69 to 73 - 4 years, 74 to 78 - 3 years, 79+ - 2 years.

You also have to consider the affordability. You do not want to change your lifestyle to buy the coverage. Purchase what you can comfortably afford.

Follow Ups:

Re: benefit periods : : i've been talking with a few ltc agents here in chicago and they seem to recommend a 3 or 4 year benefit period. what is the average ltc policy benefit period? is a lifetime plan worth the extra premium : : -toby : It depends upon your age. The younger you are the longer the benefit period you should consider. My rule of thumb is if you are under 65 you should consider lifetime. Then for every three or four years over age 65 that you are when you apply you should reduce your benefit period by one year (i.e. 65 to 68 - 5 years, 69 to 73 - 4 years, 74 to 78 - 3 years, 79+ - 2 years. : You also have to consider the affordability. You do not want to change your lifestyle to buy the coverage. Purchase what you can comfortably afford.

Return to Original Long Term Care Insurance Discussion Board Archived Index

Learn More About Your options...

Texas license # 1270417