Article published by : Georgina Thorne on Wednesday, July 04, 2012 - Viewed 711 times

Category : Insurance

Knowing The Indemnity Long Term Care Insurance Policy Option



Out of the many information and details that an individual has to know about LTC plans, the Indemnity long term care insurance and other types of LTC policies should not be left out so that the person can have higher chances of using all his benefits for his own good.

Not so many people might be aware that there are a lot more details that they have to know about LTC insurance policies aside from the benefits it provide and the costs that they have to pay for it. In order for them to choose the best policy or insurance deal available, they must have good understanding of how these insurance plans work.

Because of the expensive prices and rates of LTC policies, one is advised to choose a policy type that would best suit his budget without sacrificing the quality and quantity of services that he could get. Remember that the very reason why a person buys an LTC insurance because of his need to satisfy and address the LTC requirements that his health needs.

Insurance companies in the country basically offer several LTC policy types to the public so that they can have options and alternatives to buy an LTC plan according to his financial capacities and LTC needs. This is the reason why each type must be fully explained to those who are interested or are already applying for their LTC insurance.

One of these choices is the so-called Indemnity long term care insurance. This may not be the most common because of its high-priced and expensive monthly premiums. But for those who want to have financial freedom in spending their policies, they can avail of this type.

This certain policy type allows the insured person to have the full amount of his insurance plan, whether or not he was able to exhaust all of it. If ever he was not able to consume it fully, he can spend any excess amount in whatever way he wants to.

Also, this policy type does not require the individual to show proofs or billings that he received treatment or services from authorized or licensed medical workers. He just needs to have at least two ADL loss or cognitive impairment to be entitled to receive payment for the services he incurred.

Depending on what was stated in your insurance contract, you may be given daily, weekly, or monthly payment for the facilities and LTC services that you used but as said earlier, the full benefit amount will be given to you regardless of the real amount that you have received.

For example, if your daily benefit amount is $250,000 but the services that you received are only worth $200,000, your insurance provider would still give you $250,000 and you can spend the remaining amount the way you want to but be sure that you would not exceed your plan’s overall benefit amount in order to avoid paying for any extra expenses that you might have.

More information regarding Indemnity long term care insurance may be obtained from some insurance companies’ websites or for more accurate explanation, contact your preferred insurance agent or provider now and plan ahead for a better future.

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Keywords: long term care quote, long term care insurance costs

By: Georgina Thorne

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