Insurance Care

Most long term care insurance policies provide only reimbursement option. As the name suggests, the reimbursement LTC policy reimburses the expenses limited to the policy’s cut-off upon the submission of receipts. Admit it or not, the expenses that might be incurred from your LTC can go beyond the limits, but the reimbursement policy is not designed to fulfil any excess payments from your actual benefits.

You may want to take control over your care but your reimbursement policy prevents you from doing so. One solution to this is purchasing indemnity long term care insurance. This works the same as the other policies. You need to possess the allowable condition or qualifying events to become eligible for the benefits. A plan of care must be submitted and approved

The only difference of indemnity is its guaranteed privilege of control over your expenses. You will be given the maximum allowable daily benefit amount that you could freely use to pay for your care or put it on savings. It does not require submission of receipts before the insurance company reimburses the pay.

This type is more suitable for those receiving care at home. The family or caregiver will find it manageable because they don’t need to collect and track medical bills. Otherwise, they won’t miss any reimbursement if they fail to keep the receipts.

However, this type has several disadvantages and you should be wary if it is suitable for your situation. Many companies offer this protection as a rider or addition to your original policy; thus, this can escalate the price of your premium. The indemnity is designed and more appropriate for younger people and not cost-effective for policyholders in their mid-60s and above. Obviously, this is much expensive than claims-based policy. So before prepping up for your LTC, you should assess if indemnity long term care insurance will suit you best.

There are two kinds of indemnity policy: the full and the partial

Full Indemnity Policy

This type provides maximum flexibility to the insured. You will receive benefits regardless of your actual expenses. If your policy pays $6,000 monthly benefit and your actual expenses incurred is $2,000, the insurer will pay in full even if the expenses are less than the monthly benefits. You can use the excess money however you want ‐‐ pay mortgage, invest on a business, or save it up for your children’s future. In short, you can maximize the money for your care and other things that matter.

Partial Indemnity Policy

Once you receive long term care for at least an hour per day, you are entitled for a daily benefit regardless of the actual expenses. If your policy is paying $200 daily benefit, you can get it in full despite of spending half or just a quarter for your care.

Both full and partial indemnity policies can provide benefits than having no insurance at all. Whichever type you choose, you learn how to spend your money wisely. You should be well prepared with unexpected expenses and spend the remaining money.

Vision insurance can be very important to the many of us who have vision problems. Without it we would incur mounting vision care expenses that we would never see an end to. This is why our companies, school districts, colleges, and associations offer eye insurance to offset the cost of caring for our eyes. But what would happen if you didn’t have a vision insurance plan?

Some wonder all of the time whether or not they need vision insurance benefits and, surprisingly enough, some of the people who wonder such things are people who have vision problems. Yet a cause for such questions may be due to the fact these particular people have had bad experiences with vision insurance providers who have still slapped them with huge bills.

Something like that can easily make a patient wonder if they really need the insurance. Truth is, the bill may have been larger had there not been vision insurance in place. You do not want to have to pay an arm and a leg for your examination, contacts or glasses, or even surgical procedures. As simple as a couple of these sounds, they are very expensive.

First and foremost, keep in mind that vision insurance benefits are a supplement to health insurance. If you do not have an occupation or affiliation that will allow you to acquire insurance, you may want to consider purchasing insurance on your own to take care of your medical needs. Yet the selection aspect can be puzzling to some since there are different kinds of vision insurance available.

Among those insurances available are a discount vision plan and a vision benefits package. The discount vision plan provides you with vision care at a discounted rate that is fixed after an annual membership fee or premium (usually $0-$12) are met. There may also be a deductible (usually $0-$35) involved that must be met before full benefits are received.

The vision benefits package usually involves the same aspects as the discount vision plan, but also requires a co-pay (usually $10-$15) each time the patient needs to access eye care services. Obviously eye insurance is very affordable and can save you a bundle. If you must purchase vision insurance on your own, the primary companies you can do this through are Spectera, VSP, EyeMed, Davis Vision, and AlwaysCare.

No matter the type of insurance you choose, you are going to notice that vision insurance costs are less than if you had no insurance at all. You do not want to be put in financial straights because of an emergency you could not control.

Your eyes are an important part of your life and without your eyes it is more difficult to function in this seeing world and you do not want to hamper that functionality due to the fact you cannot afford the costs associated with eye care. That is why vision insurance is available at affordable rates to keep you from having to choose between your money and your eyes.

Personal liability insurance, also referred to as personal umbrella insurance, is another product we use to keep our assets in tact. Since we live in a litigious society, we believe that it’s a good strategy to have an insurance policy that can withstand a financial blunder caused by a lawsuit.

What is personal liability insurance?

Your homeowner’s and auto insurance policies have added liability protection within their contracts. If you are found negligent in a situation where someone was injured, your liability protection will pay for things like personal medical bills, rehabilitation, lost wages, etc.

However, the coverage amounts are relatively low and can be quickly exhausted depending on the severity of the other party’s injuries.

Protection from a personal liability umbrella insurance policy will trigger once the liability protection from your other policies are no longer sufficient. It gives you and your assets added protection.

How about an example of where this policy is important?

Let’s say Bill injures Anne in a car accident. Due to the severity of Anne’s injuries, she is now disabled and cannot return to work. Her medical bills are $50,000.

Good news and bad news. Good news: Bill’s auto insurance policy has liability coverage of $50,000. Bad news: Do you think Anne and her attorney will only go after $50,000?

Not likely. Remember…

She can no longer work and provide for her family. She can no longer fund her retirement. She has ongoing medical bills she will have to pay because of her disability. Along with financial hardship comes emotional distress.

So if you consider her lost wages for 20 years, medical bills, retirement, and personal therapy, you’re looking at the possibility of millions of dollars. If Bill doesn’t have personal liability insurance, then his assets are exposed.

So what does exposed mean? They could go after your house, cars, boat, bank accounts, 401k, etc. Any asset owned under your name is at risk.

But you don’t even have to be “physically” involved in the scene of the injury to be at risk. If someone gets injured at your home and you are held liable of the damages, then your assets are at risk if you don’t have sufficient coverage.

This article isn’t meant to scare you. It isn’t meant to invoke fear. We encourage you to take preventative measures. We want to inspire you to take action in protecting your wealth. Like putting on your seatbelt in a car, an umbrella policy is an additional layer of protection.

My wife and I have an umbrella policy that provides $5 million in excess, above the coverage that our home and auto policies provide. We only pay $531 a year for the policy. As you can see, the premiums are relatively low.

So, consider the benefits from these policies. Use an umbrella policy to cover your assets. Remember…sometimes when it rains, it pours.