You can probably choose other policy features. Each
may add to the cost of your policy. Ask your insurer what features increase your
policy's cost.
Waiver of Premium. This option lets you stop paying
the premium one you are in a nursing home and the insurance company has started
to pay benefits. Some companies waive the premium as soon as they make the first
benefit payment. Others wait 60 to 90 days. The waiver of premium may not apply
if you are getting home health care.
Restoration of benefit. This option gives you a way
to keep the maximum amount of your original benefit even after you policy has
paid you benefits. With this option, if you go for a stated period without
getting more long-term care services, your benefit goes back to the amount you
first bought. For example, assume your policy paid you $5,000 in long-term care
benefits out of a policy maximum of $75,000. You would have $70,000 in benefits
left. With a restoration of benefits option, if you didn't use any long-term
care services for a specified time, your maximum benefit would go back to the
original $75,000.
Premium Refund At Death. This benefit pays to your
estate any premiums you paid minus any benefits the company paid. To get a
refund at death, you must have paid premiums for a certain number of years. Some
refund premiums only if the policyholder dies before a certain age, usually 65
or70. The premium refund option may also add to the cost of a policy.
Downgrades. While it may not always appear in the
contract, most insurers let policyholders ask to change the policy if they have
trouble paying the premium. When you downgrade to a less comprehensive policy,
you probably will pay a lower premium. This may allow you to keep the policy in
force instead of dropping it.