Which feature MUST an insurer offer to each policyowner at the time of purchasing long-term care insurance?

When purchasing long-term care insurance, it is essential for policyowners to be offered an inflation protection feature. This feature is important because it helps ensure that the benefits provided by the insurance do not lose their purchasing power over time due to inflation. Long-term care can be a significant expense, and as costs rise, having coverage that can adjust for inflation is crucial for policyholders to adequately cover future healthcare needs.

Inflation protection can take different forms, such as automatic increases in benefit levels or options for policyowners to select increases periodically. This protection is designed to provide financial security and peace of mind, safeguarding against the rising costs of long-term care services, which can increase dramatically over the years.

While other features such as minimum benefit levels or lifetime benefit levels may also be relevant to long-term care policies, the requirement to offer inflation protection specifically addresses the challenge of future cost increases, making it a fundamental aspect of long-term care insurance.