What is the Best Long Term Care Insurance?

After asking yourself when I should look for long term care quote, the next question you might have in mind is, what is the best kind of policy that will fit you. You have three choices, Reimbursement long term care insurance, Partnership long term care insurance and last but not the least is Indemnity long term care insurance. Among the three what’s the best? It’s hard to tell because you need to gauge this according to your needs, if the policy offers the right benefits and it’s perfect for your budget. It’s like the first policy works perfectly for a certain person and if another chooses this one and this person has a different set of needs then it might not work well with him.

To help you figure out what can be the best long term care insurance policy for you, below are your three options.

Reimbursement Long Term Care Insurance

This is the most common type of ltc insurance. The name says it all, all the payments you made to cover your long term care services will be given back to you for as long as the expenses doesn’t exceed your benefit amount be it every day, per week or on a monthly basis. What if your benefit amount is much bigger than your expenses, what happens to the extra money? The company will keep this and you can use this in the future.

Partnership Long Term Care Insurance

Most states in America offer this type of policy and with the looks of it it’s starting to gain more followers. This type of policy helps people to get into the Medicaid program even if they have assets that exceed the maximum limit or even if they have used all their benefits. Aside from this, policyholders can also take advantage of tax deductions, disregard of assets, reciprocity agreement and inflation protection.

Indemnity Long Term Care Insurance

This is more expensive than Reimbursement long term care insurance. However, this more manageable and can be controlled easily since you’ll get paid for the number of days you have received long term care from any facility and you’ll be given a check for that. The insurer will just indicate the amount of your daily benefit. So if there is extra money left, you can keep it and use it in the future. This is highly recommended for people below 60 since this policy offers maximum benefits. Even if this is a bit costly, it’s still a great investment because you’ll get the worth of every penny you’ve spent in this policy.

Now you know your options, I hope these things can help you decide shape up your future. Choose wisely, shop for long term care quote first and make sure you’ll choose something that can be of great service to you in the future.