What is an elimination period in insurance

The elimination period is the time between when coverage begins and the insurance company will begin paying benefits. Elimination periods vary, but are commonly 30 to 180 days, though some may be longer. It is a term commonly used in disability and long-term care insurance.

What is the purpose of an elimination period?

The purpose of an elimination period is to give you the opportunity to get treatment and see how your illness or injury responds. You may be able to return to work using only paid leave or short-term disability.

How long is a elimination period?

Understanding Elimination Periods\n\n The most common elimination period is 90-days, but they may be anywhere from 30 to 365 days. In general, the shorter the elimination period, the more expensive the policy (and vice versa). Typically, most insurance policies have the best premium rates for 90-day elimination periods.

What is a 90 day elimination period?

An elimination period: Is like the deductible you have on car insurance, except it is measured in time rather than by dollar amount. Most policies allow you to choose an elimination period of 30, 60, or 90 days at the time you purchased your policy. During the period, you must cover the cost of any services you receive.

Is elimination period same as waiting period?

An elimination period (also known as a 'waiting period' or 'qualifying period') is between the date your disability began (typically the date you ceased working) and the date you start receiving LTD benefits.