Benefit Period = The length of time a specific benefit will be paid. It begins when the policyholder becomes eligible for benefits and ends when the policyholder has been out of claim status for a given period of time.
Non-Forfeiture (Shortened Benefit Period) = After having your long-term care policy for three (3) years, you have the right to stop paying premiums and have your policy converted to paid-up status. Your paid-up policy would have a maximum benefit at least equal to...
Maximum Benefit = is the maximum amount of benefits a policy can pay in your lifetime. It is usually calculated by multiplying the daily benefit by 365 times the number of years in the benefit period. The pool of money increases according to whatever inflation...
Lifetime Benefit = is the maximum amount of benefits a policy can pay in your lifetime. It is usually calculated by multiplying the daily benefit by 365 times the number of years in the benefit period....
Home Care Benefit Period (Pooled) = The entire maximum benefit can be used for care received at home. Many older policies had one “Pool” of benefits for Home Care and another “Pool” of benefits for Facility Care. Today, the vast majority of policies have one “Pool”...
