Quick Description

Step-down is when a Long-Term Care Insurance policyholder reduces their coverage to lower their premium.

Full Description

Step-down is a Long-Term Care Insurance feature that allows policyholders to reduce their coverage for a lower premium. 

For example, a policyholder could reduce their benefits in three main ways. 

  • Reduce their monthly or daily benefit.

  • Reduce their maximum lifetime benefit pool (the total benefits within the account). 

  • Increase the days in the elimination period (this would further delay care coverage).

All policyholders have the right to step-down (reduce coverage) at any time for any reason. It's encouraged to consider stepping down before lapsing coverage.