Many policies include additional features such as Home Modification, Medical Alert Systems, Therapeutic Equipment and Caregiver Training. If the amount of benefit for these features is based on the Maximum Daily Benefit, the BIR probably also increases the amount of money the insured has available for these benefits. Thoroughly review the policy to determine how the rider could affect various benefits. Of course, an insured might decide to discontinue the Benefit Increase Rider at a future date. If the Rider is canceled, the price of the rider is typically dropped from the insured's premium, and benefit increases will cease.
Companies differ, however, in their treatment of past benefit increases.
However, some companies charge an additional premium for those who wish to continue coverage from past increases. Depending upon the company, rates are based on either the insured's original or attained age. It is important to get clarity on the company's handling of such circumstances. Generally, the policies do not specify the approach that the company uses. Whenever clients are thinking of purchasing LTCI, they are thinking of the future.