Long-Term Care Insurance Riders: Monthly Payment Option
When we get too old to care for ourselves, we go into nursing homes where paid professionals take care of our needs on a daily basis. The solution to being able to afford quality care when we age is to get long-term care insurance. Long-term care insurance will pay for some or all of the substantial costs of a home health care worker or other professional caregiver. When you buy long-term care insurance, you can also choose to buy one or more riders to strengthen and enhance your long-term care insurance. One of these is the monthly payment option.
How Does the Monthly Payment Option Work?
The monthly payment option allows you, the long-term care insurance policy subscriber, to submit reimbursement claims for your long-term care needs on a monthly basis. Often times, this reimbursement process is done on a daily basis, and the daily basis has a claim limit. So, if the daily limit is $300, but you need more help than that on one or more days, you will have to pay the difference beyond the daily benefit maximum. If you opt for the monthly payment system, your maximum will be monthly, so if you go over the daily limit on some or more days it won’t matter as long as you stay within monthly limits. This gives you increased flexibility.
To learn more about long-term care insurance, the monthly payment option rider, and other long-term care insurance riders, be sure to speak to a qualified long-term care insurance representative. When considering long term care insurance, you may also be interested in life insurance quotes in order to provide for your loved ones financially after you’re gone.