Nobody wants to grow old poor and later leave his family miserable and without a home. This is the reason many people prefer an indemnity long term care insurance (LTCI) policy over other plan options for long term care (LTC).
With an indemnity LTCI policy a person will manage to maintain the lifestyle that he has been accustomed to for many years. Sickness and injury always make peoples lives take a 360 degree turn and no matter how they try to bring it back to where it was before it just wont happen.
Why let circumstances dictate how your life should turn out? Theres no reason people should change their lives after retirement but a few preparations have to be made because they are not getting younger.
As one gets older its normal for his health to undergo some changes such as slower movements, embrittlement of the bones, functional limitations, and memory loss. Once you can no longer perform two or all of the activities of daily living (ADL) such as eating, bathing, dressing, toileting, transferring, and continence by yourself due to a disease or serious injury then you would need long term care.
Now long term care is not a light subject to tackle especially if you bring up its cost. It has wiped out so many peoples assets and homes leaving the old and disabled ones to the care of Medicaid. This should not be the case if only everybody in the country would be responsible for his future health care needs and start planning it.
Preparing for ones healthcare needs, however, should not only be done a year before one turns 65 but decades before so that he can avoid spending a chunk of money on his annual premium. While investing in an LTCI policy, it is also advisable to strengthen your nest egg because your insurance benefits will not shoulder everything that you will possibly need in the future.
Indemnity Long Term Care Insurance and How It Works
Indemnity LTCI policies pay the policyholders exact maximum benefit amount regardless of his total bill from a care provider.
If you have a policy, for instance, that stipulates a maximum daily benefit amount of $225 you will receive this much from your insurer even if your daily expenses on a home health aide is only $60. Your policy gives you the discretion to spend the remainder, which in this case is $165, however and wherever you want.
Now if your daily expenses on care exceed your policys maximum daily benefit amount, you are required to foot the excess amount. For example, your total daily expenses for in-home care reached $230 which exceeds your policys maximum daily benefit of $225, so you have to pay the $5 excess from your own resources.
People with indemnity policies are given the opportunity to stash money and strengthen their nest egg for their familys welfare. When they leave this world someday they will not fear the future of their loved ones because they have that planned out, thanks to their indemnity long term care insurance benefits.
With an indemnity LTCI policy a person will manage to maintain the lifestyle that he has been accustomed to for many years. Sickness and injury always make peoples lives take a 360 degree turn and no matter how they try to bring it back to where it was before it just wont happen.
Why let circumstances dictate how your life should turn out? Theres no reason people should change their lives after retirement but a few preparations have to be made because they are not getting younger.
As one gets older its normal for his health to undergo some changes such as slower movements, embrittlement of the bones, functional limitations, and memory loss. Once you can no longer perform two or all of the activities of daily living (ADL) such as eating, bathing, dressing, toileting, transferring, and continence by yourself due to a disease or serious injury then you would need long term care.
Now long term care is not a light subject to tackle especially if you bring up its cost. It has wiped out so many peoples assets and homes leaving the old and disabled ones to the care of Medicaid. This should not be the case if only everybody in the country would be responsible for his future health care needs and start planning it.
Preparing for ones healthcare needs, however, should not only be done a year before one turns 65 but decades before so that he can avoid spending a chunk of money on his annual premium. While investing in an LTCI policy, it is also advisable to strengthen your nest egg because your insurance benefits will not shoulder everything that you will possibly need in the future.
Indemnity Long Term Care Insurance and How It Works
Indemnity LTCI policies pay the policyholders exact maximum benefit amount regardless of his total bill from a care provider.
If you have a policy, for instance, that stipulates a maximum daily benefit amount of $225 you will receive this much from your insurer even if your daily expenses on a home health aide is only $60. Your policy gives you the discretion to spend the remainder, which in this case is $165, however and wherever you want.
Now if your daily expenses on care exceed your policys maximum daily benefit amount, you are required to foot the excess amount. For example, your total daily expenses for in-home care reached $230 which exceeds your policys maximum daily benefit of $225, so you have to pay the $5 excess from your own resources.
People with indemnity policies are given the opportunity to stash money and strengthen their nest egg for their familys welfare. When they leave this world someday they will not fear the future of their loved ones because they have that planned out, thanks to their indemnity long term care insurance benefits.