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Long-Term Care Insurance Division WAEPA is a non-profit association, governed by federal employees who serve on a voluntary basis, providing insurance benefits to civilian federal employees since 1943. |
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The combination of building blocks you select at your age will determine the actual costs of your long-term care insurance policy, subject to underwriting approval.
Daily Benefit
Select the benefit amount you would like to cover your daily long-term care needs. Options: $50-$500 in $10 increments.
Benefit Period
Choose the minimum period you would like benefits to last: 2, 3, 4, 5, 6, 10 years or lifetime.
The amount of money in your Total Policy Limit is calculated by multiplying the Daily Benefit, Benefit Period, and the days in the year. For example, if you chose $150 per day for 3 years, your Policy Limit is $164,250 ($150/day x 3 years x 365 days/year = $164,250). If your expenses are less than $150/day or you do not require care everyday, any unused money will remain in your Policy Limit. This would allow you to stretch out your Benefit Period longer than the minimum number of years, until the Policy Limit is exhausted.
Elimination Period
Choose the number of days that you elect to pay before your policy begins: 30, 60, 90, 180, or 365 days. Your Elimination Period must be satisfied only once during the life of your policy. The waiting period is similar in concept to a deductible on your homeowner's or auto insurance.
Inflation Protection
You can elect to build an annual increase into your policy to keep up with rising costs. Choose from 5% Simple, 5% Compound, or the Guaranteed Purchase Option, offered every three years.
This is a general description of coverage and is not an insurance contract. Refer to the Outline of Coverage for a more detailed explanation of features and provisions. Only the individual long-term care insurance policy contains governing contractual language provisions. You may request a sample policy to review such provisions.