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Elimination Period Options in Long Term Care Insurance


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 Elimination Period Options in Long Term Care Insurance
Elimination Period Options in Long Term Care Insurance

Elimination Period Options in Long Term Care Insurance

Before you buy any kind of insurance policy it is very important that you understand all the terms and conditions associated with it. This is true for long term care insurance policies as well. Apart from the basic benefits and premiums there are other limitations that you should be aware of. The actual benefit for a long term care insurance policy may not start as soon as the policy is activated. You may have to wait for a specified number of days before you can avail of the benefits of the plan. This period is commonly known as the elimination period. Some policies may not have this clause and coverage starts from day one. So you need to find out about this feature and its restrictions so that you are not caught unawares. You should go for a policy which has a one-time elimination period.

Types of Elimination Period

There are a few ways that insurance companies follow regarding the adherence to the elimination period. This can vary from policy to policy. Two of the popular processes that is followed are -

  • Combined elimination period
  • This gives the choice to combine care facilities at a nursing home or at home.

    • o You won’t have a waiting period if you take long term care facilities at home or
    • o Go through a specific number of elimination days if you want to stay in a nursing facility.
  • Fixed elimination period where the period remains same irrespective of where you are staying.
  • Sometimes you can get an advantage by staying at home while receiving long term care. The number of days that you stayed at your own home may be deducted from your nursing home period thereby reducing it.

How is it Calculated

There are generally two ways in which companies calculate this period.

  • By taking into account how many days you received long term care services
  • By counting the actual days by the calendar

The latter method is beneficial to the insured since that makes the waiting period go by sooner.

Elimination Period Options in Long Term Care Insurance


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