 |
|
|||
|
|
Additional Cash Rider - this benefit is a separate pool of funds that pays you a cash benefit for a variety of expenses while receiving home health care. Typically, the amount is equal to 15% of your Daily Benefit times 30 (days). Example: $150 daily benefit x 15% x 30 days = $ 675.00. Caregiver Indemnity Rider - this benefit will pay the full Daily Benefit regardless of who provides the Home and Community Based Services, including any non-professional or your family or friends. Cash Benefit Rider - this benefit converts your Daily Benefit into a Monthly Benefit and pays the full Monthly Benefit regardless of who provides Home Health Care. Caregivers can be non-professional, anyone from your family or friends. Dual Waiver of Premium Rider - this rider waives the premiums for the spouse or partner of a person that has gone on claim. In most cases, the companies require that both policies have been in-force for a specified period of time, commonly 10 years. Durable Goods Rider - this is a rider will help pay for home modifications, durable medical equipment, home safety checks, and medical alert systems. Typically, this is included in most policies as a core benefit, equal to one month's benefit. Family Caregiver Rider - this rider is a limited benefit that will allow one of your family members to be a paid caregiver as long as they do not live with you. This benefit usually pays a reduced daily benefit for no more than 365 days. Full Non-Forfeiture (Return of Premium) Rider - this is a rider that will pay the total of premiums paid with no deductions if the policy had not previously lapsed due to nonpayment (second-to-die in the case of joint coverage). Also this rider will pay benefits if you lapse the policy due to nonpayment. The benefits will be payable based on the Daily Benefit with any increases due to inflation. The amount of benefits that can be paid out will be equal to the total premiums paid for the policy and all riders. Any unused benefits will be paid to your beneficiary, even if you lapse your coverage. Monthly Home Health Care Rider - this rider converts your daily benefit into a Monthly Benefit when you are receiving home health care. This allows you to use more than your daily benefit for days when your care exceeds that amount. If you had a Daily Benefit you would normally have to supplement once you exceed your Daily Benefit, with monthly you will not supplement until you exceed the monthly limit. Example: $150 a day limit becomes a $4,500 monthly limit. Non-Forfeiture Rider - if you stop paying premiums or lapse your policy after a certain number of years, your past premiums paid in will be available to pay for services. Paid to Age 65 - this option will allow you to have your premiums paid-up at age 65 after which no additional premiums will be due. However, some companies will reserve the right to increase premiums before insured turns 65 or the last premium payment. Rate Guarantee Rider - this rider increases your premium at the time of original issue to help give your policy more rate stability. The companies will give you an option of rate guarantees of 3 to 20 years. Restoration of Benefits Rider - this rider will restore your full policy limit to your policy if you have been receiving benefits and then recover. Generally, you must not need care or treatment for 180 days for the benefits to be restored. Return of Premium Rider - this is a rider that will pay the total of premiums paid, with either no deductions or partial deductions of benefits that have been paid on the policy, if they had not previously lapsed due to nonpayment (second-to-die in the case of joint coverage). Shared Benefits Rider - this rider allows you to use your spouse's benefits when yours are exhausted. If one spouse dies, the remaining spouse will be entitled to all or the remainder of the deceased spouse's. The surviving spouse will pay the premium for just their policy even though they have availability to the deceased spouse's policy. Single Premium Payment Option - this rider allows you to pay for the policy in one lump-sum premium. The policy is considered non-cancelable and no further premiums are due. Survivorship Rider - this rider will make the surviving spouse's policy paid-up at the death of the first spouse. In most cases, the companies require that both policies have been in-force for a specified period of time, commonly 10 years. Waiver of Elimination Period for Home Health Care Rider - this rider will waive the elimination period if the insured needs home health care. Days that are paid by the company count as days against your elimination period. Example: In week 1, you receive care for 3 days, even though you are not paying for care, you will get 3 days against satisfying your elimination in the event that you need facility care. Weekly Home Health Care Rider - this rider converts your Daily Benefit into a weekly benefit when you are receiving home health care. This allows you to use more than your daily benefit for days when your care exceeds that amount. If you had a daily benefit you would normally have to supplement once you exceed your Daily Benefit; with weekly you will not supplement until you exceed the monthly limit. Example: $150 a day limit becomes a $1,050 weekly limit.
Senior Care Concepts, 2008 |
