Some insurance companies offer LTC policies based on a daily benefit amount. At Newman Long Term Care, we generally recommend solutions that are based on a monthly benefit. While there are similarities between daily and monthly benefits, there are also significant differences. For a small difference in cost, your clients can have a much better experience when they need it most – at claim time.
A daily benefit has a per day maximum which means your clients are reimbursed up to a set amount each day. If the cost of the service is over this amount your client will have to pay the balance.
With a monthly benefit, your clients are reimbursed for the actual costs of services received each day up to the maximum monthly benefit – regardless of daily costs varying throughout the month. This allows your client to get the maximum benefits from their policy and the ability to pay for different types of LTC services if needed.
To learn more about the difference between daily and monthly benefits, click here for a great piece created by our carrier partners at Mutual of Omaha.
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