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Know Your Options in Long-Term Care

Are you contemplating on drafting your own long term care plans? Well, that’s one of the best things you can ever do to prepare for your financial future. But before anything else, you better know the different LTCi options you have out there.

Similar to shopping any products, it is essential to identify your needs. How and where would you want to receive care someday? Which type of policy suits you?

Nowadays, there are a range of LTCi policies to choose from, and many states in the U.S. are supporting the ones that are qualified under the partnership program. These are the policies that you can still acquire without depleting your assets. Partnership program also spares Medicaid from covering 100% of the person’s long-term care expenses.

Another option is the indemnity. It is favored by many but tends to be much more costly since it allows the policyholder to be in total control of his or her maximum daily benefit. This means that even if the actual amount of his/her long-term care expenses has not reached, take for instance, half of his/her maximum benefit, the policyholder will still get the full amount of his/her benefits.

Reimbursement is the most common type of LTCI policy these days. However, it is not necessarily the preferred option by many people. When you choose this setting, the policyholder will get coverage of the exact expenses up to the maximum amount of his/her daily, weekly, or monthly benefit.

Now that you know the various options in long-term care, doing your own research should follow. Take time to familiarize yourself with the insurance providers that offer these policies. Take note that every LTCI company has underwriters or people who decide how much the buyers must receive in benefits and pay in yearly premiums.

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