Legal Junkies Forums

#1 Community for Legal Questions and Answers

 
Go Back   Legal Junkies Forums > ACCIDENTS, PERSONAL INJURY, INSURANCE > Insurance Issues

Register FAQ Tags Members List Social Groups Search Today's Posts Mark Forums Read Layout

Notices


Reply

 

Thread Tools Search this Thread Rate Thread Display Modes
Old 02-04-2010, 12:32 AM   #1
revacyrus
Junior Member
 
Join Date: Jan 2010
Posts: 10
Default 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?
revacyrus is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 02-04-2010, 07:41 AM   #2
AFFA
Top Level Member
 
AFFA's Avatar
 
Join Date: Dec 2009
Posts: 23,418
Default 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
AFFA is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 02-04-2010, 06:07 PM   #3
Unregistered
Guest
 
Posts: n/a
Default re: Difference between Stated Period Policy and Pool of Money

Thx--i was just googling this too.
  Reply With Quote


Did you find this post helpful? Yes | No
Old 02-04-2010, 11:46 PM   #4
katie
Junior Member
 
Join Date: Jan 2010
Posts: 3
Default 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.
katie is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 02-08-2010, 05:25 AM   #5
revacyrus
Junior Member
 
Join Date: Jan 2010
Posts: 10
Default re: Difference between Stated Period Policy and Pool of Money

Thanks for replying to my post.
revacyrus is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 02-08-2011, 12:21 AM   #6
Gisella
Banned User
 
Join Date: Jan 2011
Posts: 4
Default 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.
Gisella is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 03-29-2011, 02:58 AM   #7
Miley Tipton
Banned User
 
Join Date: Nov 2010
Location: Avon CT
Posts: 15
Default 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.
Miley Tipton is offline   Reply With Quote


Did you find this post helpful? Yes | No
Reply

Bookmarks

This thread has 6 replies and has been viewed 2217 times


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:


Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads

Thread Thread Starter Forum Replies Last Post
China money rate bounce spotlights policy FT News China News 0 12-23-2011 05:00 AM
How does the Pool & Spa Safety Act define a “Public” pool or spa? Unregistered Government and Administrative Law 2 07-18-2009 08:52 AM
Locked out - My dad stated in his will that I am his personal rep. Unregistered Business Contracts and Partnerships 1 08-10-2007 01:56 PM
Pool / Pool Fencing in rented house TJWB Landlord vs Tenant Issues 1 07-12-2007 10:15 PM
Pay not as stated (Oklahoma) shawyn Hiring, Firing, Wrongful Termination 1 10-19-2006 10:45 AM




All times are GMT -5. The time now is 07:23 PM.


Use of the Forums is subject to our Disclaimer. Copyright 2009-2020 by LegalJunkies.com