Elimination Period

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Elimination Period

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Introduction

• The elimination period term means to the period
  between an injury and receipt of benefits. In
  other words it is the time between the beginning
  of injury and receiving the benefit of payment
  from an insurer. Before the payment of the
  benefit of claim, the policyholder has to qualify
  by this waiting period which is also a
  requirement of most insurance companies.
• The elimination period can vary but normally it
  is of 30 to 180 days, though sometimes maybe
  longer. This term is normally used in disability
  and long-term insurance.

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Types

• Long-Term care Insurance Elimination Period
• Long-Term care insurance policy gives the
  elimination period option of 90, 180, and 365
  days of the calendar. This elimination period
  starts on the first day when a patient is
  chronically ill and receives medical services.

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• Short-Term Disability Insurance Elimination
  Period
• Some insurance companies gives a short-term
  disability policy elimination period. In this
  insurance plan, they offer the policyholder a
  choice of Elimination period between 14 to 30
  days. Long-Term Disability Insurance Elimination
  Period
• Some Insurance companies offer a group long term
  disability insurance policy in which the
  elimination period is between 90 to 180 days.
• Especially depending on the policy, Insured may
  have to meet the elimination period once between
  the policy period.

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Need to Consider while Picking the Elimination
Period

• Every individual has their financial situation.
  So, everyone wants a different elimination period
  in their insurance policies, according to their
  needs. For example, if an employee gives a
  short-term disability plan then the elimination
  period should be taken accordingly. Moreover,
  Anyone can have Long-term disability insurance
  whereas short-term disability insurance trails
  off.

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Conclusion

• Here we can conclude that choosing an insurance
  policy with a long elimination period may save
  money on the premium but this might put some
  sticky financial situations if anyone wants
  coverage. Before selecting a disability or
  long-term care policy, it is necessary to know
  how the elimination period works. This will help
  us to choose the policy that best suits our
  financial situation.

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