Try: Several types of policies are available most are known as indemnity or expense incurred policies indemnity or per diem policy an indemnity or per diem policy pays up to a fixed benefit amount regardless of what you spend with an expense-incurred policy you choose the benefit amount when you buy the policy and you are reimbursed for actual expenses for services received up to a fixed dollar amount per day week or month policies with pooled benefits today many companies also offer integrated policies or policies with pooled benefits this type of policy provides a total dollar amount that may be used for different types of long-term care services there is usually a daily weekly or monthly dollar limit for your covered long-term care expenses for example say you purchase a policy with a maximum benefit amount of 150 000 of pooled benefits under this policy you would have a daily benefit of 150 that would last for 1 000 days if you spend the maximum daily amount on care if however your care costs less you would receive benefits for more than 1 000 days benefit pay outs there are no policies that guarantee to cover all expenses fully you usually have a choice of daily benefit amounts ranging from 50 to more than 300 per day for nursing home coverage the daily benefit for at-home care may be less than the benefit for nursing home care it it’s important to keep in mind that you are responsible for your actual nursing home or home care costs that exceed the daily benefit amount you purchased because the per-day benefit you buy today may not be enough to cover higher costs years from now most policies offer inflation adjustments in many policies for example the initial benefit amount will increase automatically each year at a specified rate such as 5 percent compounded over the life of the policy long term care in life insurance policies some life insurance policies offer long-term care benefits with these accelerated or living benefits provisions under certain circumstances a portion of the life insurance benefit is paid to the policyholder for long-term care services instead of to the beneficiary at the policyholder policyholder’s death some companies make these benefits available to all policyholders; others offer them only to people buying new policies information references "guide to long-term care ltc insurance" by america’s health insurance plans 2004 available at www pueblo gsa gov
Materials: n/a
Categories: Sage, Topic, Financial, Medical Physical
Information: n/a
References: n/a
Keywords: Long term care insurance insurance policy life insurance
*This information is listed as a Fact Sheet and is not explicitly medically licensed