Long term care inusrance is a morbidity product like disability inusrance that offers diferring elimination periods or waiting periods from the triggering event that casues the policy owner to file a claim for benefits. Some long termcare inusrance policies offer no waiting to 365 day elimination periods. 90 day elimination periods appear the most popular.
The elimination period in Long Term Care Insurance is the period of days between the time you started receiving the CARE, and the time you started receiving the policy PAYMENTS.
Choosing a longer elimination period creates a lower premium because your chances of the policy paying out are are less (many long term care stays are not all that long).
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Choosing a longer elimination period creates a lower premium because your chances of the policy paying out are are less (many long term care stays are not all that long).