Other people prefers to shoulder the expenses using their own cash in paying for various long term care types ltcoptions.com, not knowing that it could lead to a financial problems. It is painful to see that all you’ve worked for all those years are just used in paying for you long term care, and other important things like college funds for your children or grandchildren will get compromised.
These are the different types of long term care policies:
- Reimbursement LTCi policy
- As the name suggests, this policy will reimburse the amount that has been used in your long term care but must not exceed the amount that is allotted on your daily, weekly or monthly benefit limit.
This policy has a written agreement wherein if the long term care does not consume the limit of the benefit, the remaining funds can be used in the following years to come.
- Indemnity Policy
- A much more expensive policy compared to reimbursement LTCi policy, this will only pay for the actual days you receive care from nursing homes or in-house nursing care. Not like the reimbursement policy, this type of long term care policy is more manageable and controlled. The insurance company will provide you with a check with a fixed amount of benefit that you can use anytime.