Long Term Care

Types of Long Term Care Insurance Policies

There are a few distinct types of long term care insurance policies. All LTCi policies greatly prepare you if you need long term care but each has their own specification variations. Every person has specific needs and the policies are created to suit those needs.

Reimbursement LTC Insurance Policy

This is the most common type of long term care insurance policy. With this policy, you are reimbursed for actual charges. For example, if you buy a $200 a day policy and your bill is $150 a day, you are reimbursed $150 and the balance of the money stays in the pool.

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Indemnity LTC Insurance Policy

In an Indemnity policy, you get back all of what your policy covers for. As an example, if you buy a $200 a day policy and your bill is $150 a day you still get $200 back. This is generally a more expensive type of policy than the Reimbursement model.

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Partnership LTC Insurance Policy

Partnership long term care insurance is a program that can protect your assets and allow you to qualify for medicaid to receive their benefits. Each state has different policies regarding Partnership LTCi but each state dooes require a minimum daily benefit amount and benefit period.

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