Page 44 - Growing Old Without a Plan for Long Term Care is not for Sissies_Neat

26 Growing Old Without a Plan for Long Term Care is not for Sissies years to purchase additional beneft amounts without having to show evidence of insurabilty. For example, every three years you might be able to purchase an additional 10% of the initial beneft. Often this guaranteed purchase option ends if you fail to purchase the additional beneft each time it is offered. Elimination Period This is the amount of time you receive care before the insurance company is obligated to start paying for your care. In other words it is a deductible in days, not dollars. The choices offered generally are: 30, 60, 90 or 180 days with some variation by company. These days can be calculated as “service days” or “calendar days”. If they are defned as service days, then days in which you don’t receive care are not counted. If they are defned as calendar days, then once you have started receiving care, if you continue to receive care, even if not on a daily basis, all the days count. Options and Built in Benefts Several other options and built in benefts are available but these basics are a part of any policy you should choose today. Some of the more popular options are: Cash Option, Waiver of Elimination Period for Home Health Care, Restoration of Benefts and Shared Benefts (my favorite). Here is a brief explanation of each: Cash option: Part of the beneft is available to be paid as a cash beneft directly to you. You can then use these dollars to pay unlicensed care givers or other expenses. Waiver of Elimination Period for Home Health Care: With this option, if your initial care is received in the home instead of assisted living or nursing home, your