Long-term care insurance works by providing coverage for
your future long-term care needs. However, there are three types of long term
care insurance policies that you can choose from. They differ in terms of
paying for claims but not in the range of their benefits and coverage.
The first type is Indemnity Long-Term Care Insurance which
gives you the maximum benefit regardless of the total amount you incurred. This
policy allows you to take full control of your benefits and use the remaining amount
of money for your other expenses.
Reimbursement Long-Term Care Insurance also known as the
conventional type of ltci pays only the exact amount you incurred. The
remaining benefit amount will stay in your pool of money and can be used for
your future claims.
Partnership Long-Term Care Insurance is collaboration
between the carrier and the state. Once you’ve exhausted your benefits, the
policy will allow you to qualify for Medicaid without spending down your
assets. The best thing about this policy is its Medicaid asset protection
benefit.
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