Benefit Choices of Comprehensive Long Term Care Insurance

4. Elimination Period (Deductible)

Most policies give you a choice of a waiting period of between 0 and 100 days after care starts before the company starts paying benefits. The longer the elimination or deductible period, the lower your premium. "Elimination days" may be consecutive calendar days from the time you first received care or only those days on which you received a service covered by the policy. A calendar day deductible period is the best choice. Most policies today have a once-in-a- lifetime deductible requirement.

A cost effective balance is to choose a policy with a 90 day deductible period for facility care and a 0-day deductible period for home care. If you are able to receive your care at home, the policy would begin to pay the benefits for home care on day one. Some carriers even allow the days paid for home care to count as part of the 90 day deductible for facilities.