Page 75 - Growing Old Without a Plan for Long Term Care is not for Sissies_Neat

Are There Any Other Options? 57 Extension of Benefts Rider: This provides an additional beneft for long term care after your Accelerated Beneft is exhausted. It essentially extends your monthly beneft for a specifed number of months. There is a charge for this rider that is applied to your specifed amount. Infation protection: Just as it is important for a traditional long term care policy to address infation with an infation protection rider, it is also important for your linked beneft policy to include this valuable protection. You can choose to have the maximum monthly beneft amount increased each year by a predetermined amount such as 5% simple or 5% compound. Again, the cost of this rider affects your specifed amount. Total Long Term Care Beneft: This is the total amount available to pay long term expenses and is determined by your Accelerated Benefts and Extended Benefts. This can be as much as six times the single premium payment you made when you purchased your policy. For example, a $100,000 premium might be able to purchase a $300,000 total beneft if you are older and less healthy when you purchase the policy or a $600,000 beneft if you are younger and healthier at the time of purchase. This total beneft will be increased each year if you purchase the infation protection. Return of Premium: This is an optional rider that guarantees that you will get your initial premium back should you choose to cancel the policy before receiving long term care benefts. This would end your policy and no death beneft would be paid. This is just a quick summation of a somewhat complicated policy. If this is of interest to you, consult your Long Term Care Planning