Long-Term Care Insurance Riders: Additional or Partial-Cash Benefit

Posted in Life Insurance , Life Insurance Riders

August 19th, 2009

It’s never very much fun to plan for our old age. It conjures up images of frailty and restriction of movement, and increasing dependency on others. Of course, thinking about what comes after old age – death – makes us even more uncomfortable. But think about it we must, especially if there are people in our lives who we want to make sure are cared for after we are gone. If you, like millions of others who are concerned about the circumstances of their old age, have bought long-term care insurance, then you may want to think about exploring the many optional riders that are offered along with it. You will pay more for these riders above and beyond your long-term care insurance, but these supplements will truly pay off when you need them. One popular long-term care insurance rider is the additional or partial-cash benefit.

If you opt to pay for the additional or partial-cash rider, you’re giving yourself much more flexibility in terms of using your long-term care insurance. A full indemnity policy will pay you on a monthly basis for all your long-term care needs once you start to need it. By contrast, with an additional or partial-cash option your coverage will begin once you have used one hour of care. You will also:

• Receive your cash allotment on a daily basis.
• Receive your cash allotment whether you actually get any care on that specific day at all. Once the process has begun, you’ll get your cash benefit from the insurance company and you can do with it what you wish.
• Be able to spend the money on your long-term care when you actually need it, and not when you don’t.

To learn more about long-term care insurance, long-term care insurance riders, and the additional or partial cash rider specifically, be sure to consult with a long-term care insurance professional. With his or her help you will be able to evaluate your long-term care needs and see which variation of choices will suit you best.