LTCI Policy of Your Choice
There are three general types of long term care insurance policies that you can look into so that you can plan your future healthcare effectively.
One is called the indemnity policy which allows you to choose your maximum daily benefit then in the event that you qualify for long term care (LTC), you will receive the exact amount of your policy’s daily benefit regardless of your actual expenses for care.
More popular than the indemnity policy is the reimbursement LTCI policy. Popular in the sense that more people find it affordable compared to indemnity policies. With this type of LTCI the policyholder will be reimbursed the exact amount of expenses that he has incurred in an LTC facility. So if the total amount of his expenses is $150 and his policy’s maximum daily benefit is $200, he will get $150 while the remaining $50 shall be retained in his pool of benefits which he can use in the future.
Apart from indemnity policies, LTCI policies under the partnership program are very popular, too, nowadays. Partnership LTCI policies allow an individual to receive additional care from Medicaid without spending down his assets. Under the law, one has to spend down his assets up to a certain limit that is required by the Medicaid program in his state of residence.
With a partnership qualified LTCI policy, you can protect the total amount of your assets that is equivalent to the amount of your maximum benefit should you apply for Medicaid assistance once your policy benefits have been used up.
Cushion Your Finances: Study Types of Long Term Care Insurance Policies
Nowadays, anybody who does not have long term care insurance (LTCI) or won’t even consider buying one is on the verge of losing everything that he owns. According to healthcare specialists, the cost of care is not going down in the next 50 years rather it’s going to double, triple and even quadruple.
Without an insurance policy that is designed to cover your long term care expenses your assets can be wiped out by long term care (LTC) costs in less than a year from the moment that you start receiving care.
Rates of LTC facilities and home care services are increasing by the year. At present, a home health aide charges $3,040 per month or $36,480 per annum for providing personal or custodial care such as assistance in the six activities of daily living (ADL) like eating, bathing, toileting, dressing, continence, and transferring.
On the other hand, the average annual rate of a nursing home is $79,935 or $219 daily. Elderly folks who are currently receiving care in assisted living facilities are paying out $3,286 every month, or depending on the area of their residence.
Without an LTCI policy that is right for your healthcare needs, you will have to rely on your resources to pay for these LTC services. Now don’t be too sure that you won’t be among those who will require LTC someday because majority of those individuals who were too confident about their future winded up in nursing homes and relying on Medicaid.
Aging should not trigger fear nor should it threaten your finances. Plan it properly. Look into the different types of long term care insurance policies because there is definitely one that will fit your needs. Once you have made a decision, you’ll realize that growing old is the best phase of life after all.
Visit our website now to find out the importance of long term care insurance quotes. Aside from that you can also have instant access to our variety of long term care insurance policies and no-obligation long term care quotes when you visit now!
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