What factors go into designing a good LTC insurance plan?
Nine basic features are key components of any LTC insurance plan:
- Daily (or Monthly) Benefit Amount
- Benefit Payment Model – Reimbursement or Cash Benefit
- Benefit Duration and Lifetime Maximum Benefit (or Pool of Benefit Dollars)
- Inflation Protection
- Assisted Living Facility (ALF) Care
- Home Care
- Elimination Period
- Premium Duration
- Waiver of Premium When on Claim
While many LTC plans offer other benefit features, these are the most important features, which are essential elements of any plan design.