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Ways to Determine Costs of Long Term Care Insurance

Costs for long-term care insurance can differ among companies as each has its own unique set of benefits and features. If you want to know more about long term loans then you can opt for 1st Class Capital & Business Financing.

Let's take a quick look at how to determine the cost of long term care insurance:

• Duration – This is one of the key factors to determine the cost. This period is the duration or length of time benefits are available to you and will be paid. It can range from two and three-year to five-year benefits. 

• DBA – The amount you choose to DBA or the number of daily benefits will play a major role in determining the cost of long term care insurance. 

• Waiting Period – Also called a deductible or elimination period, this is basically the number of days in which you have to qualify for benefits before availing them. Costs can vary depending on how short or long the waiting period is for one.

• Inflation Protection – While most policies offer a premium selection of stable there are certain factors such as the volatile market or inflation can greatly affect the cost of long term care insurance. 

• FPO – The FPO or purchase options for future policyholder offers the opportunity to increase the DBA or daily benefit amount every two years. Lifetime maximum benefits can also be increased with this, but in both cases there will be a corresponding increase in premiums.