LONG - TERM CARE INSURANCE
For most Americans, a traditional Life and Health Insurance package is enough to keep themselves and their families insured, but for many, additional coverage is required. At New Century Insurance Services Inc. , we offer extensive coverage options that can insure the care of those who need it most.
You'll note that the single premium will give you more benefit with both carriers than paying premiums over 10 years. The reason? Because the 10-pay puts more risk on the insurance carrier in earlier years while single premium plans use the deposit to pay for long-term care costs before the carrier pays - a form of partial self-insurance.
So, which plan would you choose? Here are some things to keep in mind. First, a major difference between these plans is the reimbursement versus cash benefits. A cash indemnity benefit will pay a benefit no matter who is providing the care - even if it is an immediate family member. As long as care is required because of failing 2 of 6 activities of daily living (ADL's) or cognitive impairment, the full cash monthly payment is paid. As an example, in the future you could use the money to lease a caregiving robot. Nationwide offers this cash benefit.
On the other hand, if you live in an urban area a reimbursement plan gives you more benefit dollars to use. There are a lot of quality home health care and assisted living communities in major urban areas - and the reimbursement plans should work well.
Either product makes for a sound long-term care plan. For more information on Linked Benefit products,