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Indemnity Option in Long Term Care Insurance

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 Indemnity Option in Long Term Care Insurance
Indemnity Option in Long Term Care Insurance

Indemnity Option in Long Term Care Insurance

When you buy a long term care policy you should make sure that you understood the terms of payments and claim settlement correctly. One way of paying the benefits of the policy is through the indemnity option. Under this option you are supposed to get your benefits on a daily basis up to your benefit amount irrespective of the bill amount.

There are two ways in which the insurance company deals with the benefits.

  • Case:1
  • If your daily billed amount is less than your daily benefit amount, the company will pay the full benefit amount and you can take the excess amount for yourself.

  • Case:2
  • If your billed amount is more than your benefit amount, the company will pay the benefit amount only. You have to pay the rest on your own.

CASH Plan

Under this plan, also known as the disability model indemnity plan, you will get the full benefit amount even without producing a bill. You will just need to prove that you are not capable of taking care of yourself mentally or physically. The insured amount can be used to get assistance at home or any facility. The claim does not need to be supported by a bill from a recognized medical facility.

It is very obvious that these indemnity plans are more expensive since the benefits are more.

Indemnity Option in Long Term Care Insurance


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