Boost Your Healthcare Resources with Indemnity Insurance
Buyers of long term care insurance (LTCI) can choose from three types of policies namely reimbursement, indemnity, and partnership. Those with assets to protect would go for partnership but those who are primarily concerned about their future expenses on healthcare see it more logical to clinch an indemnity long term care insurance.
Reimbursement LTCI policies are the least favored but due to the fact that they come in lower annual premiums, many people still prefer to buy this type of policies than not be insured at all. The main reason it is not appreciated by many LTCI buyers is the fact that they don’t want the idea of receiving only a portion of their daily, weekly or monthly benefits after years of premium payment.
Meanwhile, with an indemnity policy the insured individual will receive the exact amount of his maximum benefit regardless of his actual expenses on care. If, for instance, one’s policy stipulates a maximum daily benefit of $250, this is the exact amount that he will receive even if the total amount of his daily expenses on a home health aide is only $50.
There is no doubt that indemnity policies make sound investments. Not only will you be able to receive your benefits with less paperwork, you also have absolute freedom to spend the remainder of your cash benefits however and wherever you want.
Aside from paying your home health aide who assists you daily in activities for daily living (ADL), you can use your benefits to modify your home and purchase the necessary medical equipment to ensure your comfort and stability even as your health condition reaches its terminal phase.
Indemnity Long Term Care Insurance Prepares Your Future
Since the policyholder is given full control over his maximum daily benefit, an indemnity policy has a significantly higher annual premium than a reimbursement policy. As a matter of fact, LTCI experts claim that the price of an indemnity policy is twice the cost of a reimbursement policy.
Indemnity policies are, indeed, very expensive but those individuals who are predisposed to certain types of chronic illnesses are advised to purchase this type of LTCI. Just think about how you can possibly attend to a lot of paperwork that is required for the reimbursement of your expenses in a nursing home if you are receiving treatment abroad. Of course, after a series of treatments you’ll probably be stuck in bed to be able to manage this taxing chore, but for sure you would want to spare your spouse and children from it, right?
If you go for reimbursement policies, you have to gather nursing home receipts, hospital bills and other necessary documents first before you can claim your benefits from your insurer. In most cases, the insurer will directly pay your care provider.
Aside from getting to see and personally spend the maximum daily or monthly benefit which his policy stipulates, an individual with indemnity long term care insurance can also save a portion of that money for the future of his loved ones whom he will soon leave behind.
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.
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