Quick Answer
The daily benefit for an LTC Insurance policy is the maximum amount of benefits the policy will pay for long-term care services on any given day of an active claim.
Detailed Answer
Daily benefits limit how much money a policy can pay out in a day. Daily benefits are similar to monthly benefits, which limit how much a policy can pay out in any given month.
Policyholders choose their daily benefit amount. The greater the daily benefit amount, the higher the policy’s premium.
Most insurance companies allow initial daily benefits between $50 - $400, depending on the company. Although inflation riders can increase the daily benefit much higher.
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