Everybody wants to be in charge of his own life and be the one to make decisions especially on matters that concern his long term care (LTC) needs.  Indemnity long term care insurance (LTCI) policies give people the opportunity to maintain the life that they have been accustomed to.  Read on and find out how. 

Indemnity plans are among the array of choices offered by insurance companies that sell LTCI policies.  With an indemnity policy an individual shall be in full control of his benefits as his insurer will only issue him a check indicating his maximum monthly benefit amount then it will be up to the insured to budget and manage his benefits. 

Unlike another type of LTCI policy called reimbursement, an indemnity policy will not require a policyholder to submit receipts before it pays out his benefits.  For as long as the policyholder has satisfied the benefit triggers that are to be found on his contract he will be able to receive his benefits in full. 

Another reason that makes an indemnity LTCI policy beneficial is that it knows no such thing as qualified care providers which a reimbursement policy strictly observes.  Whether you acquire care from a trained caregiver, Medicare and Medicaid approved nursing home, or a family member you will receive the benefits stipulated on your indemnity policy. 

Given the fact that it is more lenient than a reimbursement policy, an indemnity plan will cost more in premium.  However, in exchange of this high price is your complete independence. 

Planning Your Indemnity Long Term Care Insurance 

If you’re serious about purchasing an indemnity LTCI policy you have to carefully plan your LTC lest you end up using your policy benefits faster than you’re supposed to. 

Figure out the type of care that you will most probably need in the future.  Weigh the odds of you entering an LTC facility such as a nursing home or an assisted living facility.  Most people with an indemnity policy prefer in-home care and should they wind up needing nursing home care they would have their homes modified and installed with a monitoring system and other pieces of nursing home equipment that will be necessary to their LTC. 

You can totally forget about a nursing home if you have an indemnity plan because it gives you absolute freedom to choose where to receive care.  If there is one thing that you should watch out for once you have this type of LTCI policy that would be your spending habits.  See to it that you only use your benefits for your LTC needs because if you use it on other things and run out of benefits later in the future, your insurer cannot be held liable.

Under the indemnity long term care insurance program you will find the disability model indemnity plan otherwise known as cash plan.  This is the most expensive type of LTCI because it does not require the policyholder to acquire care before he can receive his benefits.  As tempting as it may seem, weigh its pros and cons first before you decide to buy it.  Take time to get in touch with an LTCI specialist to understand the product more.

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