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02-04-2010, 10:10 PM
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Can anyone help me understand this?
Could anyone explain me what is difference between Stated Period Policy and Pool of Money in Long Term Care Insurance? Which one is better and what is it benefit?
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02-08-2010, 03:41 AM
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Your long term care insurance policy will list a total dollar amount of benefits for over the stated term. In a stated period policy, your contract will only pay up to the number of years you selected no matter if you used less than the maximum benefits per day. A $100 per day policy for 5 years would end at 5 years even if the policy only paid $50 per day.
A pool of money policy is superior to the stated period policy. A pool of money policy will let you stretch the benefits for years if you do not take out the maximum daily amount. This option is usually referred to as the ‘maximum lifetime benefit amount’. Long Term Care Insurance Plan Benefits |
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