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 Post subject: zero day elimination period for home health care
PostPosted: Tue Jul 31, 2007 3:41 pm 
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Joined: Tue Jul 31, 2007 3:28 pm
Posts: 1
I am looking at a policy with $200/day benefit for 5 years, compound 5% inflation protection and 90 day facility elimination period. The sales rep is trying to persuade me to purchase a rider which would provide a 0 day elimination period for home health care. I don't see the benefit to this since if I went from home to a facility, I would still have to meet the 90 day elimination period in the future, but he is insistent that this is a good thing. This would add $400 yr to the premium. It seems to me that for $400 more I would be better off using it to get a 60 day elimination period. Am I missing something?


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 Post subject:
PostPosted: Tue Jul 31, 2007 4:30 pm 
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Joined: Thu Apr 07, 2005 5:59 pm
Posts: 508
Location: Westchester County, NY
dfrost01,
No, you're not missing anything.
If you do decide to purchase a policy with a 0-day elimination period for home care, it would make sense for you to take a 90-day elimination period for facility care.
Most people want to stay at home and more people use home care services than enter a nursing home.
It also depends on what company you're looking at. You'll find a major company out there that has that option as standard, at no extra cost.
Some companies will apply your home care days twards the elimination period for facility care.
The best thing would be for you to sit with a broker who represents a number of the major companies so you can do an apples-to-apples comparison.
Arthur


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 Post subject:
PostPosted: Tue Jul 31, 2007 6:01 pm 
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Joined: Mon Apr 18, 2005 10:02 am
Posts: 87
Location: licensed to sell LTCi in over 40 states
dfrost,

With most policies, if you have the 'waiver of Elimination Period for Home Healthcare', if you start off by receiving 90 days of qualified care at home, those 90 days of home healthcare would fulfill the 90 day Facility Elimination Period.

It's not that way with every LTCi policy, but it is that way with most of them.


Scott A. Olson, CLTC


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