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The benefit amount payable under most LTC policies is usually a specific fixed dollar amount per day, regardless of the actual cost of care. For example, if an insured has a fixed daily coverage of $100 and the care facility only charges $90 a day, the insurance company will pay the full amount of $100 a day. Some policies pay the actual charge incurred per day. Most LTC policies are also guaranteed renewable; however, insurers do have the right to increase the premiums.
LTC policies must be guaranteed renewable.