Even if the policy's requirements are met, the insured must pay long-term care expenses during waiting, or elimination period. Typical waiting periods are:
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A. B. C. D.A
Long-term care insurance policies typically include a waiting or elimination period, which is a specified period of time that the insured must pay for their long-term care expenses before the policy begins to pay benefits. The purpose of the waiting period is to reduce the insurer's risk and to lower the cost of the policy premiums.
The waiting period can range from a few days to several months, depending on the policy's terms and conditions. The question asks for the typical waiting periods, and the answer choices are:
A. 90 to 100 days B. 80 to 90 days C. 60 to 70 days D. 70 to 100 days
Based on industry standards and practices, the most common waiting period for long-term care insurance policies is 90 to 100 days (answer A). However, waiting periods can vary by policy, so it's essential to review the specific terms of each policy to determine the waiting period.
During the waiting period, the insured is responsible for paying for their long-term care expenses out of pocket. Once the waiting period is over, the policy begins to pay benefits according to the terms of the policy. It's important to note that some policies may have different waiting periods for different types of care, such as home health care versus nursing home care.
In summary, the insured must pay for their long-term care expenses during the waiting period, and the typical waiting period for long-term care insurance policies is 90 to 100 days.