Choosing Your Policy Wisely
- Author Anton Troch
- Published November 12, 2011
- Word count 560
Planning your retirement? Insurance companies offer a range of long term care insurance policy options so that every individual will be able to receive the right coverage for a specific type of long term care (LTC).
However wise it is to consider a long term care insurance (LTCI) policy for your future health care needs, you have to follow a certain process when negotiating for one. By doing so, you will definitely be able to clinch the type of LTCI policy that will be suitable for your future health care needs.
According to experts on the LTC field, nobody is 100% sure of what he will need in the future but everybody can determine how much he is willing to risk for a policy. For instance, upon checking with a reputable insurance company you find out that acquiring a policy with lifetime coverage will cost you $3,000 on annual premiums. So, you back out from making the purchase when in fact you could’ve settled for a shorter benefit period.
Of course, you would rationalize that it is unreasonable to buy a policy with a shorter benefit period only to seek further care afterwards once your insurance benefits have been exhausted.
Since we’ve reached that part of exhausting LTCI policy’s benefits, guess now is the best time to discuss LTCI policies under the partnership program. New York, Connecticut, California, and Indiana are four states responsible for implementing the partnership program in the country.
Long Term Care Insurance Policy Options
In hopes of getting every citizen of the country to plan his and her future health care needs, various state government agencies and private insurance companies that market LTCI collaborated and established the partnership program.
Anybody who owns an LTCI policy that complies with the guidelines of the partnership program can apply for Medicaid assistance should they need additional care after having exhausted their policy benefits.
Under the law, before a person can get Medicaid coverage he should deplete his assets first up to the program’s asset limit requirement which varies in every state. Fortunately, those individuals with a partnership- qualified LTCI policy are exempted from this spend down rule as they are allowed to protect a portion of their assets, or the total amount of their assets that is equivalent to the maximum benefit amount of their insurance policy.
Meaning to say, owners of an LTCI policy that qualifies under the partnership program get to enjoy both worlds – topnotch health care coverage and asset protection.
Another type of LTCI policy which is actually favored by the majority is the indemnity policy. With this type of policy, you will receive the exact amount of your maximum daily or monthly benefit regardless of your total expenses on care.
Since it allows you to be in full control of your cash benefits, an indemnity LTCI policy is more expensive but many people believe it’s worth investing your money into this kind of LTCI product.
The most common LTCI policy is the reimbursement type. It is the opposite of indemnity insurance as it would only reimburse to you the exact amount of your LTC expenses.
There is absolutely a lot to choose from but when out shopping for an insurance policy be sure to weigh your long term care insurance policy options very well to be able to get the best deal.
Purchasing long term care insurance is one step to a worry-free retirement. Secure your financial future with long term care plans.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- The Transformative Power of Yamaigel’s Certified Gel Eye Masks
- Checking account with cell phone protection!
- Keeping Cool This Summer: Air Conditioning Installation Services in Milwaukee
- A DIY Guide to Fixing Your Garage Door (with a Call to Garage Door Magnolia When All Else Fails!)
- Can a Bent Garage Door Be Bent Back into Shape? Don't Panic, Call Kiki Garage Door!
- How Can I Tell If My Garage Door Opener Sensor Is Bad?
- Maximizing Profitability: The Economics Behind Customizable Design Assets
- Exploring the Hidden Gems of Si Racha, Thailand
- DIY vs. Professional Movers: Pros and Cons in 2024
- MK Web Celebrates Top Position in Bourne's Premier Web Design Rankings
- The Road to Sobriety: Understanding Substance Use Disorders
- MotorKote Ultimate 40/60 Synthetic Hyper Mix 5W-30
- Exploring Denver on a Dime: A Frugal Travel Guide
- Top 10 Ways Production Scheduling in Business Central Transforms Manufacturing
- Strength Training and it's Incredible Benefits for Fat Burning
- Enhancing Home Security with Aluminum Shutters: A Focus on Weatherwell Elite
- 5 Easy Ways to Make Oral Hygiene Fun for the Whole Family
- Transforming Plastic Extrusion Machines into Recycling Powerhouses
- Unraveling the Potential of Plastic Extrusion Machines
- The Rise of Plastic Recycling Machines: A Step Towards Sustainability
- Strawberry Cheesecake Ice Cream: OMG! Unreal!
- The Advantages of Using Professional Home Cleaners in Ilford
- 8 Compelling Reasons to Hire Professional Home Cleaners
- The 12 Steps Narcotics Anonymous Program To Recovery
- Send Money to Tanzania: Effortless Transfers with SafariRemit
- Stylish Savings: 10 Frugal Ways to Stay Fashionable in 2024
- Fly Cheap With FlightPapa To Any City
- How Collaborating with a Software Development Company Can Propel Your Business Forward
- A Comprehensive Guide to Choosing the Best Hair Transplant Method
- 15 Frugal Tips for a Memorable Wedding Day