Long-Term Care Insurance Update
One insurance companies new plan is now available in most states including California. The unique features include:
(1) full indemnity which means they send money to the policy owner rather than reimburse providers. The money can be used for any long term care expense including paying family members,
(2) reimburse for the waiting period. If a contract covers $5000 a month in care cost and the waiting period for coverage is 90 days, the insurer will send a check for $15,000 upon completion of the 3 months plus pay the $5000 every month until the money pool is exhausted or the claim ends, and,
(3) they, like many carriers, have reduced their rates making the coverage more affordable.