Bha Analyze each of the options. How much will they need to pay before benefits begin if Marcel purchased a policy today and neededlong-term care services this year? Show your estimate for each elimination period.Elimination Period180-day90-day30-dayen10$EstimateI Marcel and TJ have been married for 35 years. Both are in great health, but they feel it is time that they start planning for their futurehealth needs. Marcel is 60 years old, and TJ is 61 years old. They have been approached by a long-term care insurance salesperson whois offering the following insurance product:●●...Marcel and TJ are interested in possibly purchasing one of these policies. Use the following information to help them analyze whichpolicy may be the best alternative..Annual maximum benefit: $60,000 or 80% of annual cost, whichever is less.Daily maximum benefit: $167 or 80% of daily cost, whichever is less.Billing cycle: 360 days.Premium for policy with 180-day elimination period: $2,900.Premium for policy with 90-day elimination period: $3,300.Premium for policy with 30-day elimination period: $3,800..The current annual cost of a good nursing care facility in their area is $72,000.They have $25,000 saved in a money market savings account, $10,000 in a 1-year CD, and $12,000 in EE savings bonds.

The elimination period is a crucial factor for policyholders to take into account when choosing…

Answered: ong-term care services this year? Show…

ong-term care services this year? Show your estimate for each elimination period. Elimination Period 180-day $ Estimate I

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter8: Insuring Your Life

Section: Chapter Questions

Problem 5FPE

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