Long Term Care Planning Made Easier with More Options
So that Americans won’t have a hard time planning their future health care needs, private insurance companies offer a wide range of long term care insurance policy options.
There are three classifications of long term care insurance (LTCI) policies namely reimbursement, indemnity, and those that comply with the Partnership Program. Each of these policies comes with certain features and restrictions so it is necessary to make inquiries before buying to avoid getting the wrong coverage.
Find time to speak with a licensed LTCI specialist who works closely with the country’s leading carriers as he or she can no doubt help you clinch a good LTCI coverage. However, you have to know exactly what you need first because if you cannot supply your agent with the necessary information it would be impossible for her to help you out.
You have to be able to identify the level of care that you will possibly require in the future. Now the only way that you can do this is by consulting your doctor and undergoing a thorough examination. Aside from checking your present health condition, lifestyle and diet, your doctor will also look up your family’s health records to find out if you are at risk of any debilitating disease that will potentially subject you to years of care.
Should the result of your physical examination reveal that you are genetically predisposed to a certain kind of illness that will require LTC, there are two things that you can do. First, ask your doctor or someone who specializes in the mentioned illness what precautionary measures should you take. After having accomplished this, proceed to inquire about an LTCI policy that will provide you with the right coverage.
How to Examine Long Term Care Insurance Policy Options
Each type of LTCI policy is intended for a specific set of health care and budget requirements.
For instance, a reimbursement policy is ideal for individuals who have to work on a certain budget as it happens to be the most affordable LTCI product. Aside from this fact, a reimbursement policy is also ideal if you are planning to receive care in LTC facilities.
On the other hand, anyone with a substantial amount of assets and who aims to obtain in-home care someday can opt for the indemnity plan. Under this type of policy you can check out the CASH policy, which is another form of coverage, specially designed for people who want to have absolute control over their insurance benefits.
Meanwhile, if you wish to obtain assistance from Medicaid in the future you can consider a Partnership-qualified LTCI policy. This product allows people to apply freely for Medicaid coverage without spending down their assets.
To find out which of these long term care insurance policy options will suit your LTC needs, it’s best to sit down with your family and trusted LTCI agent so that you can talk this matter over with them. It is never advisable to purchase an LTCI policy in haste for you could end up with the wrong coverage.
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