Indemnity vs Reimbursement LTCi
Indemnity vs Reimbursement Long Term Care Insurance Policies
This article will help you understand the difference in Indemnity Vs Reimbursement long term care insurance plans. Traditional “reimbursement” long term care insurance policies pay benefits based upon the actual expenses you incur. The other type of long term care insurance policy is an “indemnity” plan which pays a monthly cash benefit, regardless of the expense incurred.
The time to understand the difference of Indemnity Vs Reimbursement long term care insurance plans is before you purchase a policy. To get started, let’s review the primary differences of these plans.
Before we begin, note that we can give you quotes and comparisons for your personal situation. Personalized LTCi quotes reflect factors like age, health history, policy maximums and the specific long term care plans available in your state.
Traditional Reimbursement LTCi Plans
With a traditional reimbursement long term care plan you may have to submit care provider bills, be limited to the type of service you can be reimbursed for and the amount you can receive each day. Consider the following real life examples that can be affected by a reimbursement LTCi policy:
- What happens if you have a have a high home health care cost on a particular day that exceeds your policy’s Daily Maximum?
- What if you have a niece who wants to be your caregiver or you need significant modifications to your home to allow you to stay there as long as possible?
To best understand how a reimbursement plan may negatively affect you in the future, ask the agent for a Specimen Policy of the reimbursement plan you’re considering. When received, go directly to the section covering Policy Exclusions. Then look closely at the exclusions on caregivers, facilities, medical equipment and even geographic limitations.
It’s impossible to know exactly what care you may need in the future. But if you know your Indemnity long term care insurance policy pays a monthly cash benefit, regardless of what you’re spending the money on, you may be better protected with that flexibility.
Indemnity Long Term Care Insurance
As specialists in long term care planning we constantly analyze the best offerings in the market. And this includes knowing which LTCi companies have indemnity plans and which have reimbursement. The fact is, indemnity long term care insurance plans are not available from most long term care insurance providers.
Nationwide Insurance Company
The Nationwide Insurance Company long term care life insurance hybrid policy is one of our preferred policy’s. It includes a monthly indemnity cash benefit regardless of actual expenses incurred. Plus it includes several other outstanding benefits and features.
Complete the form on this page to request a no obligation indemnity long term care insurance quote and comparison specific to your situation.
Long Term Care Life Insurance
Want to learn more about Long Term Care Life Insurance hybrid policies before requesting information? Visit this page in our LTCi education section for details on LTCi hybrids and other long term care planning options.
Long Term Care Planning
When it comes to the rising cost of long term care, we can help you understand your options. Traditional health insurance does not cover most long term care. Medicare does not adequately cover the long term care costs many Americans face, namely Custodial Care. And, Medicaid may not cover you until many of your assets have been depleted.
Time is a consumer’s enemy when it comes to long term care planning. A future change in health could limit your options. The time to plan is now!