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Quick Answer

This is a feature on a Long-Term Care policy which allows a policyholder to reduce their coverage in exchange for a lower premium. For example, a policyholder could reduce the monthly or daily benefit, the maximum lifetime benefit pool, or increase the days in the elimination period. 

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Detailed Answer

This is a feature on a Long-Term Care policy which allows a policyholder to reduce their coverage in exchange for a lower premium. For example, a policyholder could reduce the monthly or daily benefit, the maximum lifetime benefit pool, or increase the days in the elimination period. A policyholder has the right to step-down policy benefits (reduce coverage) at any time and should always be considered before lapsing coverage.

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