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Not surprisingly up to 70% people turning 65 will need long-
Statistics show that 58% of men and 79% of women aged 65 and older will require long-
The average cost of a semi-
Services for an extended period of five years, for example, would add up to a stagerring $410,940, without accounting for inflation.
People often pay for long-
Those who can afford it, however, opt for long-
Health insurance covers medical and hospital bills, however Medicare and Medicaid only cover some long-
Most require policyholders to be unable to perform at least two out of six “Activities of Daily Living” or ADLs.
Premiums & Elimination Period
Benefits begin once the insured has required assistance with at least two activities of daily living for a specified timeframe known as the elimination period. Policyholders determine the length of the elimination period, yet typical options include 30, 60, 90, 180, and 365 days.
These policies include a life insurance portion linked with a long-
Additional options, called benefit plan riders, allow insured individuals to customize the terms of their policies or add benefits to their coverage for an additional cost.
Riders may include:
This allows for daily maximum benefit amounts to increase by a fixed percentage every year for a predetermined number of years.
This rider to increases the daily maximum benefits or the lifetime benefit limit on your existing policy.
When one spouse dies, the surviving spouse on the policy will no longer have to pay their long-
Allows you and your spouse to pool your long-
Return of Premium
Upon the death of the policyholder, a portion (and in some cases, all) of the total amount of premiums paid for the policy will be returned to the designated beneficiary. These types of plans typically can increase rates by around 50%.