How long will my long-term care insurance benefit payments continue?

The answer to this question depends on the coverage that you elect:

  • If you elect a lifetime benefit duration (i.e., an unlimited lifetime maximum amount), then your benefits will continue as long as you are eligible to receive them (i.e., as long as you have lost two or more activities of daily living or have a severe cognitive impairment)

  • If you elect a shorter benefit duration (e.g., 3 or 6 years), your benefits will continue until you are no longer eligible to receive benefits or you have received your maximum lifetime benefit amount, whichever comes first.

Note that this may mean that you will receive benefits for longer than your chosen benefit period. For example, assume that you purchased $6,000 monthly benefit with 75% home care and a 6-year benefit period; this gives you a maximum lifetime benefit amount of $432,000. Under this plan, you could receive the following:

  • Nursing facility benefits of $6,000 per month for 6 years; or

  • Home care benefits of $4,500 per month (75% of $6,000) for 8 years ($432,000 divided by $4,500); or

  • Any combination of nursing facility and home care benefits that total up to $432,000, regardless of the time period over which they are paid out.