 
Health Insurance California >> Long Term Care >> Amount paid by Insurance Companies Amount Paid by Insurance Policies for Long Term Care 1. The Daily Maximum When you purchase an insurance policy on decided amount you want the company to pay for each day of your policy care. Most companies permit you to choose as little as $50 daily or as much as $500 daily. When you require care, company’s pay the daily advantage you chosen or the actual cost, whichever is less. Some benefits might be paid as a percentage of other insurance benefits. For instance, an insurance policy might pay $100 a day for care in a nursing home are, 80 percent of that amount for assisted living in a Residential Care Facility for the Elderly (RCFE), and 50 percent for home care. Policies sold after October 1, 2001 should pay a minimum of 70% of the daily nursing home care benefit for RCFE care, except for Home Care Only insurance policies, which don’t cover this kind of care. 2. The Maximum Lifetime Benefit When you purchase a long-term insurance policy, you prefer the maximum dollar amount the insurance policy would pay benefits over your lifetime. The estimated number of years you would like the insurance policy to pay benefits would determine the Maximum Lifetime Benefit. Insurance policies are obtainable with Maximum Lifetime Benefit amounts that pay benefits for about, one, two, three, four or even five years or for your lifetime. The longer the period of insurance coverage, the higher will be the coverage premium. Your Lifetime Maximum Benefit is calculated by multiplying the Daily Maximum benefit you choose by the estimated number of days you want insurance policy benefits to be paid. For example, the Lifetime Maximum Benefit would be $36,500 if you choose a Daily Maximum benefit of $100 and want the policy to pay the benefits for one year (365 days). While everyone would like to purchase Life time coverage
or unlimited benefits, not everyone could really afford to do so. An insurance
policy that pays for a few years could provide precious insurance coverage,
and for some people that would be all they would need. Don’t pass up long-term
care insurance policy just because you can’t afford lifetime coverage.
For more informations on our services contact insurance brokers John Good | Kelly Good |
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