Benefit Choices of Comprehensive Long Term Care Insurance

2. Total Benefit Amount

The benefit period is the maximum amount of time that you will receive benefits. When you select a benefit period, it is expressed in years, ranging anywhere from one year to unlimited years (lifetime coverage). Usually, the benefit period is multiplied by the daily benefit to determine a lifetime maximum, or pool of money to pay for your care.

For example, if you purchased a three-year benefit period with a daily benefit of $100, this would give you a pool of money (lifetime maximum) of $109,500 (1,095 days X $100). If you were to only to claim expenses of $50 per day, then the policy would actually last for 6 years.

The more assets you have, the shorter the benefit length you may need.

If you have a family history of Alzheimer's or simply longevity, you may want to consider unlimited benefits. Alzheimer's patients have been known to require care for more than 20 years.