Discapacidad y Cuidado a Largo PlazoPregunta 500 de 716
The elimination period in a long-term care policy functions as a:
a.Discount applied to the annual premium for each day on which the insured needs no care
b.Waiting period during which the insured pays for care out of pocket before benefits begin
c.Cap on the total number of lifetime benefit dollars the policy will pay for all covered care
d.Period after delivery during which the policyowner may return the policy and receive a full refund of premium
Explicación
The elimination period in an LTC policy is a deductible measured in days: the insured must pay for their own care for that number of days after becoming eligible before the policy starts paying benefits, and a longer elimination period lowers the premium. It is not the maximum benefit, not a premium discount by itself, and not the free-look period (which is the right to return a new policy). The elimination period functions the same way here as in disability income insurance, as a time deductible.
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Revisado por John Zihao Zhang — California-Licensed Life Insurance Agent (CA Dept. of Insurance License #4396095 — verificar)