Protected Asset Limit (PAL)
Assets may be protected up to the Protected Asset Limit, known as the PAL. The PAL is equal to the total amount of LTC benefits paid out by the Partnership policy since July 1, 2006. The value of protected assets must be verified at the time of protection and at each annual renewal.
Initially, the PAL will be communicated to you via the HealthQuest response. At each annual renewal, or whenever the PAL must be updated (such as when a new counted asset results in excess assets), you will contact the insurance company for that information until all insurance policy benefits are exhausted. Any additional benefits used will increase the PAL.
How to contact the insurance company will be discussed later in the process portion of this course.
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Initial Protection