Now
that you have completed the Personal Design Questionnaire, you and
your insurance representative should discuss each of these factors
as a means to make decisions about which features to include in
your Long Term Care Insurance policy.
Benefits
Options
Factors to Consider
My Policy Will Include
Your age
Available to those age 40-84
See Question 1
My age is ____
My spouse's or other insured's age is ____
Coverage for Household Members
Individual or Joint Policy
If your spouse or another household member
is also applying, consider a joint policy, which provides equal
coverage for each of you at a premium equal to a minimum of
130% of the older individual's premium. The premium for your
joint policy may be substantially less than if you and your
spouse or another household member each purchased individual
policies.
Individual Policy
Joint Policy
Type of Policy
Comprehensive or Facility Care Services only
A Facility Care Services policy is a great
way to ensure that you have access to care in a quality facility
setting, including Assisted Living. If preserving assets is
your primary concern, Faciliy Care Services coverage can do
so at the lowest premium cost. But if you answred that receiving
care in your home is important or somewhat important to you,
consider a Comprehensive Policy, which includes both Facility
Care Services and Home and Community Care Services (HCCS).
Facility Care Services only
Comprehensive Coverage
Comprehensive Coverage*
Daily Reimbursement
The standard comprehensive option pays the
expenses incurred for Home and Community Care Services, up to
the daily benefit you select. If your answer to Question 3 was
'Somewhat Important,' consider this option for solid coverage
at the lowest cost.
Reimbursement for expenses up to my daily benefit
Or, select a rider below
Additional Comprehensive Coverage Options
(You may choose one
of these riders to replace the Standard Comprehensive Coverage.)
Monthly Benefit Rider*
(BG01R-MTH(06/04))
Providing a more flexible Home and Community
Care benefit for an additional premium may be right for you
if your answer to Question 3 was 'Very Important.' Since this
rider reimburses for licensed care, it may be a good choice
if you indicated in Question 4 that you would prefer not to
rely on family members to provide your care.
Monthly Maximum for Home and Community Care benefits
Either 3% or 5% Compound Inflation Protection
must also be purchased5.
Indemnity Benefit Rider*
(BG01R-IND(06/04))
If you plan to receive some care from a licensed
caregiver, but want to receive the full daily benefit amount
regardless of expernses incurred, consider this rider for an
additional premium. You or someone you select can then user
the funds as needed to pay care profiders. If you anticipate
help from informal caregivers (Question 4), this benefit can
potentially procide funds to be used for expenses normally not
covered in the policy.
All policy benefits payable on an indemnity basis
Personal Caregiver Rider*
(BG01R-PCR(06/04))
By electing to receive benefits for care that
include home and community service care services provided by
a non-professional, unpaid family member or friend, you can
create the most flexible care plan to help you live at home.
This might be the right option for you if your answers to Question
4 indicate a realistic expectation of mostly informal help.
This rider doubles your premiums over the base comprehensive
plan.
Benefits payable regardless of who provides the care
Available only to insureds in the Preferred
Plus (best) risk class. Not available with 10 year or Paid-up
at 65 payment options
Elimination Period
(Waiting Period)
Choose from 0, 30, 90, or 180 days*
The longer your waiting period, the lower
the premium, but hte greater your potential out of pocket costs.
Review your answers to Questions 6 and 7, then balance your
ability to pay premiums today with your willingness to comver
the cost of care during the waiting period.
0 days
30 days
90 days
180 days
Daily Benefit Amount (DBA)
Choose $50-$300/day in $10 increments.
Review your answers to Questions 6 and 7.
To determine your appropriate daily benefit amount, subtract
the amount you were willing to spend for care from the average
daily cost in your area.
My DBA = $_____
Inflation Coverage*
(BG01R-IP5(06/04)) and (BG01R-IP3(06/04))
5% Compound, 3% Compound1, None
Review your answer to Question 8. How important
is it to you that the benefits you select will be as meaningful
when you may need them as they are today? If you answered 'Very
Important,' then Compound 5% is probably your best choice. Generally,
the more time that you reasonably anticipate passing before
you may need benefits, the more important it is to fully keep
pace with teh rising cost of care over time.
5% Compound
3% Compound
None
Benefit Period
Choose from Lifetime, 3, 4, or 5 years
A Lifetime Benefit Period provides the
most protection for both your assets and your independence.
Shorter benefit periods offer lower premiums, but increase
your exposure. Consider your assets (Question 5) and how important
it is to you that you don't outlive your benefit.
Yu may also wish to consider personal experiences and family
history when choosing a benefit period that makes you feel
comfortable.
3 years
4 years
5 years
Unlimited
Your Total Benefit Amount
Determined by multiplying the Daily Benefit
Amount by the Benefit Period
This is the maximum benefit you can receive
during your lifetime. Daily Benefit Amount of $____/day____
X Benefit Period of _____ years X 365 = Total Benefit Amount
My Total Benefit Amount is: $_____
Unlimited Benefit Amount with the Lifetime Benefit Period
Additional Options*
Check to include:
Waiver of Premuim (BG01R-WOP (06/04))
Add as a Rider (when HCCS is selected)
Consider your answer to Question 7. Having
premiums waived when receiving home and community care services
could free additional resources for your care or for a spouse
or other caregiver's living expenses. For joint policies, consider
that this rider waives the entire joint premium (for both you
and your spouse).
Waiver of premium rider
Refund of Premium (BG01R-ROP (06/04)-TX)
Add as a Rider
Many individuals like this option because
it helps the family recapture their premiums upon death of the
insured if they have never needed to collect any benefits.
Return of Premium Rider
Restoration of Benefit
(BG01R-ROB (06/04)-TX)
Add as a Rider
How concerned are you about short-term claims
eroding your benefits when you may need them later?
Restoration of Benefits Rider
Not available with the LIfetime Benefit Period
Paid-Up Survivor
(BG01R-SUR (06/04)-TX)
Add as a Rider
Adding this rider for an additional premium
can make financial management easier for a surviving spouse
by ending premiums in the event of your death.
Paid-Up Survivor Rider
Available with joint policies, lifetime payment plans only.
10 Year Premium
(BG02P (06/04)-TX)
Add as an Endorsement
Does paying additional premium each year for
10 years fit your financial goals better thean having a lower
permium for life?
10 Year Long Term Care
Insurance Policy
Paid-Up at Age 65 Premium Payment Long Term
Care Insurance Policy
(BG03P (06/04)-TX)
Add as an Endorsement
Does having a paid-up policy at age 65 fit
your financial goals better than having a lower premium for
life?
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