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A non-forfeiture option in your long-term care policy is a feature that allows you to maintain some money if you decide to cancel your policy or if you fail to pay your premiums and the policy lapses. It is a sort of reimbursement by validating the minimum amount of your paid long-term care insurance premiums.
What else can I help you with?
How long does the extended term benefit option extend long term care coverage?
The extended term benefit option typically extends long-term care coverage beyond the original benefit period, usually for an additional specified number of years or until a specified lifetime maximum benefit is reached, depending on the terms of the policy.
Where can one take out a long term care insurance policy?
One can take out a long term care insurance policy from several different places. Some of the places in which one can take out a long term care insurance policy from are: Long Term Insure Me, and Own Your Own Future.
Which renewal provision must be included in a long term care policy issued to an individual?
A noncancellable provision must be included in a long term care policy issued to an individual. This ensures that the policy cannot be cancelled by the insurer as long as premiums are paid on time.
How long can a long term care policy exclude preexisting coverage?
A long-term care policy can exclude coverage for pre-existing conditions for up to 6 months after the policy is issued, but this can vary depending on the policy terms and state regulations. After this waiting period, coverage for preexisting conditions should be included in the policy's benefits.
How do I get a refund on my long term care insurance policy?
You can contact the agent who sold you the policy directly and he should provide assistance in getting a refund. <a href="http://www.ltcfp.com">Long Term Care Insurance</a>
What has the author Diane Rowland written?
Diane Rowland has written: 'Federal long term care policy' -- subject(s): Government policy, Long-term care, Older people, Medicare, Medicaid, Long-term care of the sick 'Hazardous Work (Law in Context)'
What is the best option for child care?
Cuddly bear is the best option for child care in Templestowe Australia. This centre a privately owned and operated long day care centre and Government Funded.
What risks are there with long-term care insurance?
Long-term care insurance policies can be expensive and may be restrictive in what they provide. Before purchasing the policy, persons should be certain. The only risk is your monthly premium that you pay, you can cancel the policy at any time. However, this far outweighs the cost of having to pay out of pocket for caregiver services if you didn't have a policy.
How beneficial is long term care partnership insurance?
Long term care insurance partnership has an asset disregard feature which allows you to keep a portion of your asset, thus, there is no need for you to spend down all assets in order to qualify for medicaid. Supposed you buy a long term care insurance partnership policy with $200,000 benefit amount. When you enter a long term care facility and exhausted the benefit amount of your policy, you don't need to spend down all your asset to qualify for medicaid, with the partnership policy, you are allowed to keep $200,000 plus 2,000 of your income since your policy protected your asset.
Does long term care insurance pay for assisted living care?
Long term care insurance offers a wide range and variety of services. Depending on the policy you choose, your long term care insurance may pay not only for assisted living but home care, facility care, respite care and other settings. It is important to speak with an agent and review your policy thoroughly so you can make sure that the setting you prefer, be it home based or facility based, is covered.
Compound interest option long term care insurance is it the best option?
written by Melissa H. English, Dec. 2008 Marietta, Georgia
When does long term care insurance begin?
Long term care insurance typically begins once the policy is in effect, which is usually after the premium payments have been made and the policy has been issued. The specific start date can vary depending on the insurance company and the terms of the policy, so it's important to check the policy documentation or consult with the insurance provider for the exact details.
