Marty Seigel
Long Term Care Specialist
Advocare LTC
Advisors
|
|
 |
| Contact Us: |
| Phone:
954-349-7585 |
| Email Us |
|
Our long term
care knowledge stems from our years of experience helping families
coordinate care in South Florida.
Let our practical experience help you choose the right policy. |
| Visit our Care
Management Division: |
 |
|
|
Long
Term Care Insurance - The Details
How do Long Term Care Policies Differ?
The diversity of policies and options is mind boggling. Some
policies are very strict, while others are more liberal in their
definition of the type and amount of care that is covered. Some
policies include features and benefits automatically, while others
require you to purchase a policy rider at additional cost. It is
wise to seek assistance from a professional that can assist you to make
the best choice.
Long Term Care Insurance Policies - Basic Types
Almost
all long term care insurance policies fall into three basic models.
Let's examine in each case what would happen if you are covered for $200/day,and you hire a caregiver to assist you in your home for $120/day.
- Reimbursement Policy
- Reimburses actual covered expenses paid for care upon presentation of
bills. You would submit the bill for $120 and be reimbursed $120.
The remaining $80 goes back into your pool of benefits for
possible later use.
- Indemnity Policy
- Reimburses the total daily or monthly benefit upon presentation of
bills, even if care is provided part time. You would submit the
bill for $120, and be reimbursed $200.
- Cash (Disability) Model
- Functions more like disability insurance, paying a set amount per day
after you qualify. There are no bills submitted - each day or
month you qualify, you are paid $200 cash.
How Do I Choose the Best Policy for My Situation?
There is no "one size fits all" when purchasing long term care
insurance. The decision should be made after careful
consideration and analysis of alternative policies from reputable
insurance companies. Factors to consider include your age, your
family history, and other assets that would potentially be available to
pay for your care.
The best way to make a decision is to work with an expereienced professional with the right toAlmost all long term care insurance policies fall into three basic models. Let's examine in ea
|
|
|