|How Are LTC Benefits Paid?|
Long-Term Care insurance policies are not standardized. Companies sell policies that combine benefits and coverages in many different ways. Carriers usually pay benefits with one of three methods (Expense-Incurred, Indemnity or Disability).
Expense-Incurred Method: When this method is used, the insurance company must first determine if you are eligible for benefits and if your claim is for eligible services.
Indemnity Method: When this method is used, the insurance company only needs to decide if you are eligible for benefits and if the services you are receiving are covered by the policy.
Disability Method: When this method is used, you are only required to meet the benefit eligibility criteria.
Each insurance company will have a different process for handling claims. Ask your representative for a claims process brochure. This brochure will explain what is required at the time of claim and how to proceed.
Disclaimer: Insurance products are
offered through insurance companies with which we have sales
arrangements. Not all products/features may be available in your
state. Check with your Accountant or Tax professional on the tax
issues associated with Long-Term Care insurance purchase and
benefits. Associates of Clifton Park are not a part of Raymond James
& Associates. Securities offered through Raymond James & Associates, Inc. Member FINRA/SIPC
Raymond James financial advisors may only conduct business with residents of states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are addressed on this site. Contact your local Raymond James office for information and availability.