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Step #1: Select a Monthly Benefit amount
Eligible employees select either $1,500, $3,000, or $4,500
This is the total dollar amount per month you will be reimbursed for the care you receive.
Step #2: Select a Benefit Duration
You select either a 3 year or 5 year benefit duration
This is the amount of time your monthly benefit would last if you were reimbursed the full monthly amount selected. Keep in mind that the average LTC claim is around 3 years.
3 years = 36 months of coverage
5 years = 60 months of coverage
Step #3: Calculating your total Long-Term Care (LTC) benefit
To calculate your total benefit multiply your Monthly Benefit x Benefit Duration = Total LTC Benefit
This is your policy maximum or total "pool" of available LTC dollars
Detailed math: $3,000 x 12 months per year x 3 years = $108,000
Detailed math: $3,000 x 12 months per year x 5 years = $180,000