Are you looking for the most flexible Long-Term Care insurance policy on the market in 2023? Cash Indemnity based LTC policies are the most flexible type of benefit payment for the consumer.
When we say flexible, we mean a plan that gives you more options for care settings, requires less documentation of receipts at claim time, and provides you the best overall experience.
Insurance Companies are notorious for requesting documentation when you make an insurance claim.
That is simply a fact. And while the alternative to cash policies, called reimbursement Long-Term Care plans are good, so-called “Cash Indemnity” plans are even better.
We all know it is common for insurance companies to request documentation when processing a claim. This is to verify that the claim is legitimate and meets the criteria outlined in the policy. The documentation may include proof of loss, medical records, receipts, and other forms of evidence. The exact documentation required may vary depending on the type of claim and the specific insurance policy.
Reimbursement vs. Cash Indemnity Long-Term Care Benefits
Over time, insurance companies became less and less interested in marketing traditional LTC coverage. The once-coveted “cash” payout policies disappeared. All standalone LTC policies these days are “reimbursement,” which carries a burden of documentation at time of claim.
Enter Hybrid Cash Indemnity Long-Term Care Insurance
Insurance companies have brought back the cash payment of benefits in select HYBRID policy options. While traditional policies are still all reimbursement, you can find “hybrid” plans with cash indemnity.
As the market heats up, and insurers compete for your business, several companies have built competitive offerings. These plans include
- Nationwide CareMatters and CareMatters II
- Securian SecureCare
- Brighthouse SmartCare
- Lincoln MoneyGuard (partial indemnity)
Our Experience After Talking with 15,000 families.
We’ve talked with over 15,000 families about Long-Term Care planning. Many of our clients are interested in LTC products because their parents have a policy. They are interested in protecting their own families. We always ask them about their experience with the claims process, if they have any experience. After all, we like to know about the end-user experience of the products we sell.
The one critique we’ve heard over and over again is that the process of keeping records and submitting them to insurers is a friction point. Consistently, people complain about certain carriers being harder to work with. We know who to avoid placing business with!
Even the major, highly-rated insurers can make the process of receiving insurance benefit claims money harder than it could be when making claims on reimbursement policies. With cash indemnity, this concern goes out the window!
Compare Your Options
The fact is, a hybrid plan is not for everyone. A cash indemnity plan is not for everyone. For many, a combination of the two is the best vehicle for protection. Only a trained expert can help identify the best policy for you. Reach out today for a free comparison of your options.
