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Difference between Stated Period Policy and Pool of Money

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  • Difference between Stated Period Policy and Pool of Money

    Can anyone help me understand this?

    Could anyone explain me what is difference between Stated Period Policy and Pool of Money in Long Term Care Insurance? Which one is better and what is it benefit?

  • #2
    re: Difference between Stated Period Policy and Pool of Money

    In Long Term Care Policy the benefits will be listed for total dollar amount of policy over the specified period. In case of Stated Period Policy the contract will pay only upto the specified number of years, even if you use less benefits per day. In Long Term Care Policy the company generally will send you one check every month with the maximum allowable daily allowance once you have become eligible for daily allowance. In a Pool of Money Policy the benefits can be extended over a number of years. This is possible if you do not draw the maximum daily amount.

    AFF

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    • #3
      re: Difference between Stated Period Policy and Pool of Money

      Thx--i was just googling this too.

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      • #4
        re: Difference between Stated Period Policy and Pool of Money

        Your policy will list a total dollar amount of benefit for over the stated term. In a stated period policy, your contract will only pay up to the number of years you selected no matter that you used less than the maximum benefits per day. A $100 per day policy for 5 years would end at 5 years even if the policy only paid $50 per day.

        A pool of money policy is superior to the stated period policy. A pool of money policy will let you stretch the benefits years if you do not take out the maximum daily amount.
        This option is usually referred to as the ‘maximum lifetime benefit amount’.
        Indemnity Claims Payment – Under this option, the long term care insurance company will send you a check once a month for the maximum allowable daily, once you qualify for benefits. You don’t have to file claims for every expense.

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        • #5
          re: Difference between Stated Period Policy and Pool of Money

          Thanks for replying to my post.

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          • #6
            Re: Difference between Stated Period Policy and Pool of Money

            Both, stated period policy and pool of money have their own benefits. Personally, I think pool of money is better than stated period policy. A pool of money policy will let you stretch the benefits years if you do not take out the maximum daily amount.

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            • #7
              Re: Difference between Stated Period Policy and Pool of Money

              Hi,
              I have a little knowledge about it. Please check me if I am wrong somewhere.
              Stated period means you can receive benefits for a certain period of time say $200 per day for 5 years. Pool of money allows you to look at total benefit for this scenario ($365,000) and spend it as quickly as possible.

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