Long term care insurance is an insurance designed to help an individual cover the expenses of long term health care. There is a misconception that this type of insurance is only for those who have reached their senior or retirement years. The truth is, this type of insurance is for any individual who may need long term care in the future.  The earlier you obtain long term care insurance the easier and cheaper the process is. However, long term care insurance can be purchased at any time. Before purchasing long term care insurance you should first know what it is and what types of long term insurance there are.

Reimbursement Long Term Care Insurance 
There are three types of long term care insurance. Reimbursement  is the most commonly preferred and purchased. The main benefit of this type of long term care insurance is found in the title. When someone purchases a reimbursement long term care insurance package the insurance will reimburse, or payback, the amount that was taken out in the policy. For example, if the amount you purchase is $200 coverage per day of long term care and the bill is $150, then the reimbursement amount will be $150.

Indemnity Long Term Care Insurance 
Indemnity long term care policies are similar to reimbursement plans. The difference is found in the amount that is reimbursed to the buyer of the policy. For example, in a reimbursement policy, you are only reimbursed the amount that your bill actually is. However, with an indemnity long term policy you are reimbursed the amount that you purchased, even if the amount of the daily fee is less than the amount purchased.

Partnership Long Term Care Insurance 
Partnership long term care insurance does not allow for reimbursement. However, it does partner with programs such as Medicaid to allow you to receive benefits. It also allows you to maintain any assets you have during your care. This type of long term care insurance is popular with those individuals who feel that they may have costs higher than reimbursement or indemnity insurance can cover and overage costs that would leave the individual with no assets.
These are the three main types of long term care insurance. These insurance types are available to those who qualify or to those who need the insurance. Similar to term life insurance, the earlier you can purchase the insurance the better off you are. You may not feel you need this type of insurance, but keep in mind, long term care insurance is not for seniors alone and can benefit anyone who may have long term care needs.


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