1. Total Maximum Benefit means how much you can receive over your lifetime to pay for long term care expenses.
2. Total Monthly Benefit Is how much you can receive each month to pay for your long term care expenses.

Think of it a bit like a checking account where the Total Maximum Benefit is your account balance and the Total Monthly Benefit is the most you can take out each month for your care.

Total Maximum Benefit options generally range from $50,000 to $500,000, with some plans offering an unlimited maximum.

Total Monthly Benefit options typically range from $1,500 to $10,000 a month.

This building block grows the amount the insurance company will pay to help keep up with rising costs. For example, a policy with a $200,000 total maximum benefit and a $5,000 total monthly benefit, growing at 3% each year for 20 years, would grow to over a $361,000 total maximum benefit and to over a $9,000 total monthly benefit.

There are a wide range of options for growth, ranging from not growing the amount the insurance company will pay, to growing it slowly, or growing it at a faster rate.

Do you want someone to get money back for coverage amounts you did not use? Choosing a money back option means your plan is not “use it or lose it.” Either long term care benefits are paid by the insurance company for your care, or your beneficiary gets a cash benefit.

There are three basic options:

1. No money back. This generally costs you the least.
2. Your beneficiary gets back the money you paid for your policy over your lifetime, minus the amount of long term care benefits the insurance company paid for your care.
3. The insurance policy combines a life insurance policy with long term care insurance. Your beneficiary gets the life insurance benefit, minus the amount of long term care benefits the insurance company paid for your care.