Genworth - Service Days Vs Calendar Days

[oozo]

I would be electing the monthly benefit as I hear from some others that this is the better way to go, for eg., if one is in a facility for 2 weeks, then there is not any daily out of pocket because with a monthly election as it would be covered as a 1/2 month. I also am single, with absolutely no caring family today...hence, probably will be alone in old age.

This is why I am so concerned about service days vs calendar days. For either election, must one be sick for an entire 90 day elim period all at same time prior to going to a facility? or can one be ill a month, get better, then have another month illness in later life, with all the "ill time" qualified care days being counted toward the one time elim period?.

Thank you.
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Why get LTC protection if you feel this way?

I said I "could" be living in a jungle....that leaves some wiggle room for this not happening...and I play the odds like a poker player would.

 

[CALTCAgent]

I would be electing the monthly benefit as I hear from some others that this is the better way to go, for eg., if one is in a facility for 2 weeks, then there is not any daily out of pocket because with a monthly election as it would be covered as a 1/2 month. I also am single, with absolutely no caring family today...hence, probably will be alone in old age.

The monthly benefit is not as important if you are in a facility as they typically charge a set amount per day.

Home health care can vary more per day and be less "uniform".

Ex: one day is $200 and daily benefit is $150, but monthly is $6000, the excess would be covered.

I said I "could" be living in a jungle....that leaves some wiggle room for this not happening...and I play the odds like a poker player would.

I am not a poker player. But I wonder........

What would Phil Hellmuth do if the chances were 70% you will need care and lose hundreds of thousands versus saving the money because you may be living in a post apocalyptic environment and could use the money to start fires in the jungle?

I suspect he would be "all in" for the LTC protection?

 

[Arthur Rudnick]

previously posted by oozo

I would be electing the monthly benefit as I hear from some others that this is the better way to go, for eg., if one is in a facility for 2 weeks, then there is not any daily out of pocket because with a monthly election as it would be
covered as a 1/2 month. I also am single, with absolutely no caring family today...hence, probably will be alone in old age.

This is why I am so concerned about service days vs calendar days. For either election, must one be sick for an entire 90 day elim period all at same time prior to going to a facility? or can one be ill a month, get better, then have another month illness
in later life, with all the "ill time" qualified care days being counted toward the one time elim period?.

You're asking some very basic questions that should be answered by the agents you've been dealing with.

Calendar days, service days, elimination periods are important to understnd and each company looks at that differently.

Your policy also states that in order to be eligible for benefits, your doctor (or any qualified health care professional) must certify that you will need help with 2 activities of daily living for a minimum of 90 days. That has absolutely nothing to do with your erlimination period.

Your policy will not pay for a 2-week stay in a facility. If you need 2 weeks, it's for rehabilitation and either your health insurance or medicare will pay for that.

You need to go back to square 1 and understand what you're purchasing and what it will do for you if you ever need care.

 

[oozo]

Well, I think that if I need to go to a facility, then everyday there will be one day of service, right? so, if I am there 90 days, the elim period is satisfied no matter if I elect service days or calendard days....if I am in a facility, service days will actually equal calendar days....and the service day option is less expensive than the calendar day option....is this logic correct?

I would also elect to have 1st day homecare, so someone mentioned to me that it is not a problem to elect service days with day one home care in place. Why pay extra for the calendar days option?

Thank you everyone...I am straightened out on this now, I believe.

 

[Arthur Rudnick]

previously posted by oozo

Thank you everyone...I am straightened out on this now, I believe.

Yup, you've got it right........