Lets talk about elimination periods.
Its important for clients to understand long-term care insurance ins and outs and the benefit options available to them. Helping your clients understand the different types of elimination periods is key.
Explain the terms:
- Elimination period — The short answer is, “waiting period.” It’s how long a policyholder has to wait until their coverage goes into effect. The elimination period countdown begins once the policyholder has begun receiving LTC services.
- Service day elimimnation period — This means only the days when the policyholder receives covered services can go towards the elimination period.
- Calendar day elimination period — This means that once a policyholder receives a covered service, each day forward can be used to satisfy the elimination period.