Co-Founder, Coastal Financial Partners Group, California
The elimination period in long term care insurance is the number of days that you must wait after long-term care begins before the policy will start to pay benefits. This is also called a waiting period.
Most policies offer a choice of elimination period lengths. Common choices are, for example, 0 days, 20 days, 50 days, or 100 days. Typically, the shorter the waiting period, the higher the premium will be for the policy.
Ask to see how the elimination period works for the policy you are considering as some policies have a once-in-a-lifetime waiting period while other policies require that a new waiting period begins each time a new period of care begins.
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Most policies offer a choice of elimination period lengths. Common choices are, for example, 0 days, 20 days, 50 days, or 100 days. Typically, the shorter the waiting period, the higher the premium will be for the policy.
Ask to see how the elimination period works for the policy you are considering as some policies have a once-in-a-lifetime waiting period while other policies require that a new waiting period begins each time a new period of care begins.