Max or Not???

[James]

Even if you sell a max plan you are still only going to get whatever is the max per day.

What would you rather sell? A $100 a day max plan or a $250 a day 4yr plan?

I know what I would like to have...

Yet the payments keep coming and coming unlike a 4 year policy. I would only imagine inflation protector has to be included, then again it kind of depends upon the age of the applicant.

 

[InsuranceJosh]

Lets say that this client had to get care for 5yrs. And it cost $200 a day... How happy would he be when he is dishing out $100 a day on his unlimited plan($100 a day X 5yrs = $182,500)? On top of that he paid way more a month for that plan... Now do the same thing in the 2nd plan and you are out $0 for the 5yrs. Also on this plan you have paid way less per month.

 

[InsuranceJosh]

5yrs is thinking on the worst case side b/c the average stay is 2.4yrs

source:
The Henry J. Kaiser Family Foundation, "Health Care & The 2004 Elections," October 10, 2004.

 

[James]

I would say, "They Got Ya"!

You can make numbers look anyway you want and the Insurance Industry has used three different numbers to support their desire product from limited to unlimited to now again limited.

Fact is your number is on new cases or admissions, yes under this it would seem like 2.4 or 3.2 is the average stay. Yet if you take out new admissions (such as the younger for very limited Rehab stays) that number of years for average stay climbs steadily.

In fact if you view this another way, such as those who end their lives at nursing homes the average stay climbs to 7 plus years. As supported by John Glickman, a person consider rather an expert with numbers and LTCi. Once again, numbers say a lot depending upon what you want them say.

 

[InsuranceJosh]

I would say, "They Got Ya"!

You can make numbers look anyway you want and the Insurance Industry has used three different numbers to support their desire product from limited to unlimited to now again limited.

Fact is your number is on new cases or admissions, yes under this it would seem like 2.4 or 3.2 is the average stay. Yet if you take out new admissions (such as the younger for very limited Rehab stays) that number of years for average stay climbs steadily.

In fact if you view this another way, such as those who end their lives at nursing homes the average stay climbs to 7 plus years. As supported by John Glickman, a person consider rather an expert with numbers and LTCi. Once again, numbers say a lot depending upon what you want them say.

I totaly agree.
And that is why I always put full restoration of benefits on every policy I have ever sold.

 

[James]

I totaly agree.
And that is why I always put full restoration of benefits on every policy I have ever sold.

Now you are entering the price tag of a bigger policy, in the end it depends upon the pool of money available and affordability which is an open ended question with no absolute available answer to be had. I have a feeling this question of Limited or Unlimited is going to go on for some time more than likely as long as people are buying LTCi.