Monthly Premium Rates
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Before you look at sample premium rates, we thought you might want to learn about the plan design which is quoted, because plan design impacts rates. Please know that you have options in designing a plan that fits your particular needs. The premiums that are illustrated are approximate; your actual premium may be slightly higher - or lower - depending on a number of criteria. The most important factor will be how the insurance company views your health ( i.e. or risk profile).
The plan design illustrated (which may not be appropriate for you) will pay up to $7,000 of monthly benefit after a 90 calendar day elimination period. This elimination period is a deductible, with calendar days being much more liberal than service days. You can lengthen or shorten this deductible; the longer the deductible, the lower the premium.
25% of the $7,000 monthly benefit is available as a lump sum cash payment. You have unlimited flexibility to do anything you would like to do with it. You can use it for prescription medications, or to pay a friend or relative to care for you. The difference is available to reimburse you for expenses incurred for care at home, in an assisted living facility, or nursing home. You also have flexibility to choose a higher, or lower monthly benefit.
The benefit duration is the minimum amount of time you will be paid when you qualify for benefits. If you use less than $7,000 per month - the benefit will be paid over a longer length of time. If you do not use them - you do not lose them.