Custom insurance design provides additional options and lifts restrictions
found in the insurance data tab. Because insurance design entered in this screen
may not fit the standard policies included in the LTCia premium database, the
premium must be manually entered in this screen. Click on any field in this tab for an explanation of that field,
or click on a tab to go to another screen. Controls at the bottom of the screen
are the same on every tab, and are described in the explanations on the Personal
Data page.
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Reset to Normal Premium |
Allows you to force the model back to standard insurance
design.
If you change from custom to standard, fields which are outside the valid
range for standard insurance design will be set to conforming values, and
variables not included in standard design will be reset. Back
to screen |
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Deductible Days |
The number of days during the first benefit year for which
no benefits will be paid by insurance. The deductible days are added to
the end of the benefit period, if needed, so that maximum benefit days are
not reduced by the deductible days. Back to
screen |
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Daily Benefits |
The maximum amount that insurance will pay for a day of
care. Back to screen |
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Benefit Period |
The maximum number of years for which benefits will be paid.
Back to screen |
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Inflation Type |
Select for benefits to be increased by simple inflation,
compound inflation, or not at all. Back to
screen |
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Inflation Rate |
The rate of inflation by which benefits will be increased.
Back to screen |
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Reimbursement/
Indemnity |
A reimbursement policy pays covered costs up to the Daily
Benefits amount. An indemnity policy pays the Daily Benefits
amount even if actual covered costs are less. In either case, if costs
exceed the Daily Benefits amount, no additional benefit is paid.
Back to screen |
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Premium Value |
The annual premium to be paid for each insured. In standard
insurance design, this value is automatically calculated. You can override
the automatic calculation by entering a premium amount here. Back
to screen |
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To Insured #1 Age |
Limited Premium: Premium payment for both insured ceases
when Insured #1 has reached the specified age. Back
to screen |
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Years Payment/
Single Premium |
Limited Premium: Premium payment is made for the specified
number of years. Entering a Single Premium is the same as setting Years
Payment to 1. Back to screen |
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Survivor Benefit |
The survivor benefit option indicates that premium for
second insured ceases at the death of the first insured. Back
to screen |
