Steven and Donna have been married for 35 years. Both are in great health, but they feel it is time that they start planning for their future health reeds. Steven is 60 years old, and Donna is 61 years old. They have been approached by a long-term care insurance salesperson who is offering the following insurance product: - Annual maximum benefit: 567,200 or 800 of annual cost, whichever is less. - Dally maximum benefit: $187 or 80% of daily cost, whichever is less. - Billing cyctes 360 days. - Premium for policy with 180 -day elimination period: $3,248. - Premium for policy with 90 day elimination period: $3,696. - Premium for policy with 30 -day elimination period: $4,256. Steven and Donina are interested in possibly purchasing one of these policies. Use the following information to help them analyze which policy may be the best alternative. - The current annual cost of a good nursing care facility in their area is \$91,440. * They have $28,000 saved in a money markot savings account, $11,200 in a 1-year CD, and $13,440 in EE savings bonds. If Steven purchases the policy with a 180-dsy elimination period, how much will they recelve as a benefit in his first year in a nursing home facility (assume an annual cost of $91,440 )? If the annual cost does not increase, how much will they receive in benefits in the second year? First year Second year Steven and Donna have been married for 35 years. Both are in great health, but they feel it is time that they start planning for their future health reeds. Steven is 60 years old, and Donna is 61 years old. They have been approached by a long-term care insurance salesperson who is offering the following insurance product: - Annual maximum benefit: 567,200 or 800 of annual cost, whichever is less. - Dally maximum benefit: $187 or 80% of daily cost, whichever is less. - Billing cyctes 360 days. - Premium for policy with 180 -day elimination period: $3,248. - Premium for policy with 90 day elimination period: $3,696. - Premium for policy with 30 -day elimination period: $4,256. Steven and Donina are interested in possibly purchasing one of these policies. Use the following information to help them analyze which policy may be the best alternative. - The current annual cost of a good nursing care facility in their area is \$91,440. * They have $28,000 saved in a money markot savings account, $11,200 in a 1-year CD, and $13,440 in EE savings bonds. If Steven purchases the policy with a 180-dsy elimination period, how much will they recelve as a benefit in his first year in a nursing home facility (assume an annual cost of $91,440 )? If the annual cost does not increase, how much will they receive in benefits in the second year? First year Second year