Every Long Term Care plan also has a Lifetime Maximum amount. The Lifetime Maximum is the total amount of benefits available under the coverage to pay for the insured’s long term care needs.

In InsPro, the Lifetime Maximum is represented in a number of years. 

• For example, the Lifetime Maximum may be shown as 5 years. The number of years represents the number of days payable at 100% of the Daily Benefit Amount.

However, the number that really matters is the pool of money. To calculate the pool of money, multiply the number of years by 365. This is the total number of days. Multiply this number by the Daily Benefit Amount (DBA).

The benefits will last until the entire pool of money is exhausted. Some benefits are paid at a percentage of the Daily Benefit Amount. 

• For example, home health care is often paid at 50% of the Daily Benefit Amount. For reasons such as this, the Lifetime Maximum is spent in dollars, not days/years. It is very possible for the pool of money to last longer than the number of years shown in InsPro.