Standard Insurance Design

Standard insurance design allows selection of insurance details from a predefined range of choices. Premiums are automatically calculated based on age, health, and insurance design, using a typical premium determined from examining the premiums of long-term care insurers. As with other sections of the quick entry screen, clicking on the Detailed Entry Screen button jumps directly to the appropriate section of the detailed entry screen. Click anywhere on the screen clip for more information on a particular field or button.

Field Descriptions

	Standard/Custom	Allows the selection of standard or customer insurance design. If you change from standard to custom, the field value restrictions in this section are removed, and some new fields will appear. If you change from custom to standard, fields which are outside the valid range for standard insurance design will be set to conforming values, and variables not included in standard design will be reset.  Back to screen
	Deductible Days	The number of days during the first benefit year for which no benefits will be paid by insurance. The deductible days are added to the end of the benefit period, if needed, so that maximum benefit days are not reduced by the deductible days. Deductible days can be 0, 30, 60, 90, 180 or 365.  Back to screen
	Daily Benefits	The maximum amount that insurance will pay for a day of care. Daily benefits must be between $50 and $300.  Back to screen
	Benefit Period	The maximum number of years for which benefits will be paid. Benefit period may be 3, 4, 5, or unlimited years.  Back to screen
	Inflation Type	Select for benefits to be increase by 5% simple inflation, 5% compound inflation, or not at all.  Back to screen
	Premium Value	The annual premium to be paid for each insured. In standard insurance design, this value is automatically calculated. You can override the automatic calculation by entering a premium amount here.  Back to screen
	Recalculate Premium	Overwrite manually entered premium and change back to automatically calculated premium.  Back to screen