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Long term care is needed by those who can't perform the basic tasks required to take care of themselves. This can include people suffering from a debilitating illness or chronic injury. The need for long term care can arise unexpectedly, often creating a large financial burden. This calculator can help you determine the basic cost of Long Term Care for a specific age range and state.
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Definitions
- Your age
- Your current age. The calculator will use your age to lookup your rates.
- State of Residence
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The state which you live in. Each state has a different rate table, choosing the correct state is important in calculating your cost of LTCi costs.
- Coverage type
- Choose Joint or Single coverage.
- Benefit Period
- The period of time that the long term care policy will pay benefits. This is represented by years of coverage, i.e., 3 years, 4 years, 6 years or lifetime amount of time you must pay for covered services before the Federal Program will begin to pay.
Note: (These calculations are based on a lifetime benefit period)
- Elimination Period
- Is the number of days the insured must receive either Facility Services or Home and Community Based Services (if covered under the policy) before we will begin paying benefits under the policy. Each day of covered services under this Policy counts towards the Elimination Period, unless otherwise noted.
For example: If the insured has services for 3 days in one week, then 3 days count toward the elimination period.
Once the Elimination Period is satisfied, no future Elimination Period is required. Days may be accumulated under separate claims
in order to satisfy the Elimination Period. The Elimination Period applies to each insured individually in the case of joint coverage.
- 5% Compound Inflation Option (COLA)
- The 5% Compound Inflation Option increases the insured’s Daily Benefit by 5% per year on a compound basis for the life of the policy, even while they are receiving benefits. The insured’s premiums will remain level as the Daily Benefit Amount increases.
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