Indemnity Model policies pay the insured person a flat amount regardless of the amount of the insured person's qualified long term care expenses.
Indemnity Example 1
Judy purchases an Indemnity Long-Term Care Insurance Policy with coverage of $150 per day. Judy later needs Home Health Care services and the cost is $80 per day. Judy's Indemnity insurance coverage would pay her $150 per day of service even though her expenses are only $80. Judy can use the extra $70 in any way she sees fit.
Indemnity Example 2
Len purchases an Indemnity Long-Term Care Insurance Policy with coverage of $150 per day. Len later needs Home Health Care services and the cost is $200 per day. Len's Indemnity insurance coverage would pay him $150 per day of service even though his expenses are $200. Len would be financially responsible for the extra $50.
You May Not Need As Much As You Think
There are strategies to help people planning in advance while still healthy. Strategies for those not healthy enough to qualify for Long-Term Care insurance, and even strategies for those already in care or in a facility, making money last longer, or protecting some of their funds for their final expenses. All done without making you go broke. Protect your hard-earned money!