Can my Ltc benefits get exhausted?

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PostPosted: Mon Jun 22, 2009 12:29 pm   Post subject: Can my Ltc benefits get exhausted?  

I've been suggested to go for an Ltc policy that will cover me for 3 years.



I'm 56 and not too sure whether the benefits would get exhausted before



maturity.


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PostPosted: Mon Jun 22, 2009 7:24 pm   Post subject:   

It is impossible to know. Three years is often recommended because that is the average stay. It also depends on whether you are using all of your daily benefit. If not, the policy could last longer than three years.



If you are worried, then make sure to add a good inflation rider to your policy, explore 5 year plans ( or even a lifetime plan for that matter) and also purchase insurance with a reasonable daily benefit.



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PostPosted: Mon Jun 22, 2009 8:37 pm   Post subject: LTC benefits exhaustion  

If married, some companies offer a shared-benefit policy. Suppose you and your spouse bought a 6-year policy, you may need 1 year of the benefit and your spouse would be able to use the remaining 5 years of the benefit.

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PostPosted: Tue Jun 23, 2009 5:34 am   Post subject:   

Hi Sunshineva..



Quote:
you may need 1 year of the benefit and your spouse would be able to use the remaining 5 years of the benefit.




Can we segregate this 1:5 proportion as per our own wish?

Or do we need to back it up with medical documents?



Steven
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PostPosted: Tue Jun 23, 2009 5:51 am   Post subject:   

Hey JTinsure,



Quote:
If you are worried, then make sure to add a good inflation rider to your policy, explore 5 year plans




What does these inflation riders offer?



Thanks, Roddick
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PostPosted: Tue Jun 23, 2009 11:48 pm   Post subject:   

Quote:
I've been suggested to go for an Ltc policy that will cover me for 3 years.



I'm 56 and not too sure whether the benefits would get exhausted before



maturity.




I don't know what you mean by the term "maturity".



Yes, your benefits can get exhausted. Unless it is a very high benefit amount, you will most likely have no benefits after receiving care for 3 years.
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PostPosted: Wed Jun 24, 2009 10:17 am   Post subject:   

Quote:
I don't know what you mean by the term "maturity".




Well, I simply meant 'the date when the policy benefits are due'.

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PostPosted: Wed Jun 24, 2009 11:50 pm   Post subject:   

Sorry, but that isn't helpful. That makes it sound like you are asking whether the policy benefits can be exhausted befor the benefits are due. You can't exhaust benefits before you have used benefits.

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PostPosted: Thu Jun 25, 2009 2:16 am   Post subject: LTC Policy  

Hi Steven,

Whatever claims are made would of course have to be valid, but the total benefit of the shared-benefit policy I used as an example would be exhausted after 6 years of use, whether the spouses each used 3 years, or one spouse used 4 and the other used 2. Hope that answered the question.

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PostPosted: Thu Jun 25, 2009 2:20 am   Post subject:   

OP- given that we still don't really know what your concern is, let me take a guess and see if this is what you're worried about.



First off, LTC policies don't have "maturity dates." This isn't a life insurance policy, annuity, bond or whatever...it's LTC.



Are you asking if your LTC policy could take your coverage from you if you haven't used it by some future date? In other words, something like this: "You must use your benefits prior to the age of (sic) age 75 or you will forfeit any remaining benefit balance." Kind of like an "expiration date" on the coverage?



If that's what's worrying you- don't sweat it. They can't do that. If you pay your premiums as required, they can't EVER simply "take away" your benefits unless there's some kind of fraud or something going on.



I hope I'm on the right track...hey Insurance Expert- ya think this might be it?



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PostPosted: Thu Jun 25, 2009 5:20 am   Post subject:   

Hi Sunshineva,



Quote:
Hope that answered the question.


Got that one.



But is it possible that the benefits could be entirely used by any one of them?



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PostPosted: Thu Jun 25, 2009 7:03 am   Post subject:   

Hi Sunshineva,



Quote:
I used as an example would be exhausted after 6 years of use, whether the spouses each used 3 years, or one spouse used 4 and the other used 2.




So, it is normally flexible, i.e. depending upon the needs the spouses can divide the benefit years amongst themselves. Wouldn't the policy document have any specifying clause about the distribution of benefits?



Does the premium rate double with the inclusion of spousal benefit?
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PostPosted: Thu Jun 25, 2009 7:08 am   Post subject:   

Hi JTInsure,



Is increasing the policy term the only option to ensure that you wouldn't outlive the policy benefits?



Apart from the 3 years and 5 yrs plans what are the other terms available with the LTC?



Does the premium rate depend upon the policy term alone or it'd also get affected by the age of the applicant?

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PostPosted: Thu Jun 25, 2009 12:29 pm   Post subject:   

Hi JTinsure..



Are there any other benefits with 5 year plans or lifetime plans than that their daily benefits won't get exhausted so early?



Also, would you care to tell me about the features of such inflation riders?



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PostPosted: Thu Jun 25, 2009 12:42 pm   Post subject:   

Hi Sunshineva..



Quote:
Whatever claims are made would of course have to be valid, but the total benefit of the shared-benefit policy I used as an example would be exhausted after 6 years of use, whether the spouses each used 3 years, or one spouse used 4 and the other used 2.




Suppose if both spouses have a valid reason to claim...would it then be decided by medical documents as to who'd need to use it for more time?



Or is it up to their wish to decide upon the proportion of time?



I'm interested to know whether the usage has to be supported with medical documents or not.



Steven
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