Quick Answer
A limited payment option is a payment plan that sets a specific period of time the policyholder will pay a premium.
Detailed Answer
A limited payment option fixes Long-Term Care Insurance premiums to a set timeline. The payment options are generally 10, 15, or 20 years or to age 65. Choosing a limited payment period will increase the premium price.
In a normal policy, policyholders pay a premium each year for the rest of their life. However, most normal policies offer a "waiver of premium" when the policyholder is actively receiving care benefits.
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