What is Elimination Period?

[julietegecy]

I am planning to go for Long Term Care Insurance before purchasing policy I was reading few articles on it. But I am not able to understand the term "Elimination Period". Could anyone please explain what is Elimination Period?​

 

[redrocker]

This could be considered your deductible. The time period that you are willing to pay before benefits kick in.
Hope this helps.

 

[Frank Stastny]

Just in case you are on Medicare, it is important to know that Medicare's Skilled Nursing benefit will not pay any part of the cost if you have to go to a nursing home.

This is a common misconception regardless of what you may have been told. I have even talked to agents who apparently believe this because that is what they tell their prospects.

A LTC policy with a 100 day elimination period could cost you as much as $15,000 to $25,000 before the policy starts paying.

 

[tessflores]

I was reading about Long Term Insurance Care and came across this site. I am copy - pasting lines from this article. I hope it helps you. I found it on​

www dot longermcareinsuranceplanners dot net​

The elimination period is the time a person has to pay out-of-pocket for services before the long term care insurance takes over. Most will offer 90 day elimination or you could pay a higher premium for a zero day elimination period. The definition of elimination period varies with the long term care insurance companies. Some policies can require elimination to be met in a certain calendar period while others may require elimination to be consecutive days of care. Read and understand the elimination period in the contract.​

 

[patch36]

Between 6:45am and 6:52am, though there can be variables and extenuating circumstances. All bets are off if Mexican Food is entered into the equation.

 

[ionsysproject3]

Hmm, never thought of that before, maybe I should have a deeper research on financial services.