Owning an LTC insurance policy is good, but there are a lot of information about it that the public must know first before they actually decide to avail their own insurance plans. One of these details is the different types of LTC policies that are being offered to the public nowadays, and one of them is the so-called Indemnity long term care insurance plan.
It is already a common fact that the rates and prices of LTC insurance are kind of high especially for an average working individual who earns just enough amount of money to compensate for their monthly premiums. For them, it is more important to satisfy their everyday needs rather than focus on an insurance that they might not even use in the future.
But this kind of thinking might only lead them into bigger financial troubles in the future. Knowing that the rates of LTC expenses increase almost every year, some insurance industry specialists strongly advice the public to secure themselves of an LTC insurance as early as possible so that they would not be stressed in dealing with higher LTC rates in the coming years.
Also, according to them, is it important that the individual choose the right type of policy for all his LTC needs and budget. This is in order to avoid exhausting all his financial resources because even though all types of LTC insurance plans assure that the policy owner would get all the necessary services and facilities that he needs, the terms of payment for each policy differs from one another.
For example, the Indemnity long term care insurance may be the most expensive type of LTC plan because it gives or pays the insurance owner the whole amount of his insurance policy, regardless if he was able to exhaust all his allotted benefit amount in paying for his policy incentives or if there are still extra amount left.
When there is any amount left in his policy’ benefit amount, he may spend the money in whichever way he likes, giving him the freedom to control the services and facilities that he would use. However, he must use the money wisely and he must make sure that he allocates it properly because the insurance company would definitely not give any payment for any additional LTC-related expenses that he might incur after he has fully consumed his benefit amount.
Also, unlike the other policy types, this specific type does not require the individual to show documents or proofs that he has received LTC-related treatment from licensed or authorized caregivers or other medical professionals. He just needs to have at least 2 ADL loss or cognitive impairment to be able to receive payment from his insurance carrier.
This might be a good policy type for some but for those who might not be able to budget their benefit amount carefully might have problems with this particular kind of LTC insurance. In order to make sure, and to pick the best policy type that would suit your financial resources, inquire about the Indemnity long term care insurance and the other types as well in order to make a wise decision regarding your LTC plan purchase.
Keywords: what is long term care insurance, long term care planning
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