Step-Down
What Does 'Step-Down' Mean?
A policyholder can reduce the monthly or daily benefit, or the total pool of money the policy will pay or increase the elimination period.
More Information
Step-down is a Long-Term Care Insurance feature that allows policyholders to reduce their coverage for a lower premium.
For example, a policyholder could reduce their benefits in three main ways.
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Reduce their monthly or daily benefit.
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Reduce their maximum lifetime benefit pool (the total benefits within the account).
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Increase the days in the elimination period (this would further delay care coverage).
All policyholders have the right to step-down (reduce coverage) at any time for any reason. It's encouraged to consider stepping down before lapsing coverage.