There’s An Ltci Policy Designed For Everybody

By Author: Georgina Thorne
Total Articles: 14
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Forget the myth that only wealthy people can avail a long term care insurance policy. The fact of the matter is, the rich won’t even bother to examine Long Term Care Insurance Policy Options for they can simply settle their long term care (LTC) expenses with cold cash.

If you are among the majority of middle-class Americans who need to maintain regular jobs and who are always seemingly hoping for a salary increase, then you’re definitely the perfect candidate for a long term care insurance (LTCI) coverage.

Are you nowhere near the age of 65? If so, insurance companies will love you. In fact, you can easily clinch a policy that will not force you to squeeze out thousands of dollars on your annual premium because your chances of qualifying for the preferred health discount are high. This special premium discount is exclusively for policy buyers who can exhibit perfect health at the time of their application for an LTCI policy.

Now if you wait to retire before checking out LTCI benefit packages, ...
... which you can easily avail of today, you have to accept the possibility of receiving a rated coverage. Marketing LTCI is like any business so companies that are engaged in this industry should naturally see to it that they do not encounter any problem when it comes to paying out claims.

Older people especially those with pre-existing conditions will naturally have to pay a higher annual premium as they are at risk of requiring higher levels of care in the not so distant future. To avoid experiencing this, grab the opportunity to study your LTCI options today while you are young and healthy.

Long Term Care Insurance Policy Options

There are actually four types of LTCI policies and each bears special features designed to meet a specific set of health care needs.

Let’s start off with reimbursement LTCI policy, the most common among them all. It reimburses the insured individual for his total expenses on care up to his maximum daily benefit amount. This is specially designed for individuals who are going to require care in an LTCI facility like a nursing home.

Then there’s the indemnity policy that pays the insured his maximum daily benefit amount in full regardless of his actual cost on care. Individuals who wish to obtain in-home care someday usually purchase this type of coverage.

Now the cash plan is the most expensive type of LTCI policy because it pays the insured individual his exact maximum daily benefit amount whether he acquires care or not. Unlike other policies, it does not require the insured to obtain care from licensed care providers so he can rely on family members for his LTC needs and pay them later with his insurance benefits. This type of LTCI only requires the insured to require assistance with two or more activities of daily living (ADL).

Meanwhile, if you have a substantial amount of assets that you wish to protect and hope to pass on to your loved ones later, consider a policy which complies with the Partnership LTCI Program? This type of plan allows people to apply for Medicaid-assisted coverage after they have exhausted their insurance benefits without spending down their assets that are equivalent to the amount of benefits that they have received from their policies.

If you wish to learn more about your long term care insurance policy options, contact a licensed LTCI specialist in your state of residence.

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