Types of Long Term Care Insurance Policies
There are three main types of long term care (LTC) insurance policies: Comprehensive, Nursing Home Only, and Home Care Only. JP Associates offer all three types of long term care policies through a variety of carriers. Some insurance carriers have eliminated Nursing Home Only and Home Care Only LTC
insurence policies. Some carriers
offer Comprehensive long term care policies, because many people wished that they had had greater flexibility once they qualified for long-term care benefits, but by then it was too late to make changes to the policy. Most Long-Term Care insurance policies are reimbursement contracts where benefits are paid only for expenses that are incurred, up to a predetermined benefit amount. Indemnity contracts pay the entire predetermined benefit on a daily or monthly basis.
Long Term Care Insurance Discounts are vailable
If you
are in excellent health, or buying a policy as a married couple, discounts can cut your premiums from 10-30%. Carriers use different methods to determine who qualifies for a preferred rate. Spousal discounts are available as well. Some carriers will offer the discount to the insurable spouse, even if the other spouse is declined. Some carriers also offer discounts for multi-lives or employer-sponsored discounts.
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