Indemnity: Getting What You Paid For
Anyone with a chronic illness or fractured bones resulting from an accident will appreciate an indemnity long term care insurance policy.
This type of long term care insurance (LTCI) policy pays a fixed daily, weekly or monthly benefit amount regardless of the actual expenses that you have incurred in respect to long term care.
For example, your indemnity policy stipulates a maximum daily benefit of $250 so even if you have only spent $152 for home health aide services, you will still receive $250 in full from your policy. An indemnity policy does not require a policyholder to present billing statements or receipts from a nursing home, hospital, or drugstore before it reimburses his LTC expenses.
Due to this absolute freedom to be in full control of his policy’s benefits, an individual who avails an indemnity LTCI policy shall pay a higher annual premium.
People buy long term care insurance (LTCI) so that when the time comes that they can no longer function normally or think rationally due to mental deterioration, they can avail long term care (LTC) services without putting their assets and savings account at risk.
Long term care is expensive. In fact the cost of a three-year stay in a nursing home is almost equivalent to the price of a house that is up for sale. Unfortunately, the cost of care is constantly in motion and it is actually expected to double in 2026 and increase four times in 2030. So, even if you find today’s rates of nursing homes, assisted living facilities, adult day care centers , and home care affordable you can never be so sure about tomorrow’s rates.
Will I Need Indemnity Long Term Care Insurance
Without an LTCI policy nobody will be able to afford LTC and everybody will turn to Medicaid. This federal health insurance program which is primarily designed for the poor is currently in trouble. Its fund is almost running dry and this is main reason that the government has decided to restructure the entire system for determining Medicaid eligibility.
Instead of falling in a queue of Medicaid applicants, planning one’s healthcare is more advantageous as this leads to more options. What’s more, many private insurance companies have teamed up with Medicaid via the partnership program which is strongly encouraged to those individuals who have assets or properties to protect.
You can choose to include Medicaid in your LTC plan or forget about it and aim for a greater plan for your future. An indemnity LTCI policy will help you achieve that plan through quick and easy access to your cash benefits.
Unlike owners of reimbursement LTCI policies, you don’t have to present official receipts to get your money. Even an hour of care from a home health aide is enough to make you eligible for daily cash benefits already.
With an indemnity long term care insurance policy, you can have your house modified so that wheelchair ramps and shower support grips can be installed. You will also be able to undergo physical therapies on a regular basis and purchase your medicines whenever you need to because your money is right in your hands.
Our website is teeming with long term care insurance quotes from different states and as well as different kinds of LTC policies. We give nothing but the best to our customers, so take advantage of our free long term care quotes now and big discounts.
Processing your request, Please wait....
