0
What is the difference between reimbursement and indemnity long term care insurance?
Wiki User
∙ 10y ago
Reimbursement: you pay first, company pays you after for proper expenses. Indemnity: Company pays first of proper expenses. Indemnity is always better for the client
ANSWER:
With Indemnity long term care insurance, you get the full amount of your daily or monthly benefits regardless of the cost of care you receive. Supposed your daily benefit is $300 and your daily long term care expenses is $175, you still get the full amount of $300, therefore you can spend the excess money for things other than care. Reimbursement long term care insurance on the other hand, the amount of benefits is used exclusively for ong term care services, in the same situation above, your daily benefit is $300 and your long term care expenses is $175, you only get the exact amount of $175 for ltc expenses, the excess amount which is $125 is kept so your policy can still be used for an extended period of time.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
The difference between indemnity and non-indemnity insurance in insurance law?
When indemnity (often called short-term) insurance contracts are concluded the insured is entitled to recover the actual commercial value of what he has lost through the happening of the insured event, be such event damage to property, fire, theft, public liability or marine insurance. In non-indemnity insurance the sum which the insured is entitled to receive from the insurer does not necessarily bear any relation to the actual loss, if any, suffered by the insured. Life insurance contracts, personal accident and sickness insurance are examples of non-indemnity insurance. Rgds max_jaret@yahoo.com
What is the difference between liability and indemnity?
14876
What is the difference between disbursement and reimbursement?
The difference between disbursement and reimbursement is that with reimbursement a person is getting back every cent they paid in. Disbursement is a set amount or percentage of money paid in.
The difference between indemnity and traditional health insurance plan?
Indemnity plans do not have to pay the hospital or doctor. Indemnity plans are designed to indemnify either the insured or the provider. That means if you have services that cost 20,000.00 dollars and you opt for the insurance company to pay you they will make the check payable to you. You can then negotiate with the provider for a better deal and keep the difference in cash. You can look at available indemnity plans through American National Health Insurance of Texas These plans are offered all over the the USA. If the plan is a good one it is more expensive then regular medical insurance. If it is a limited plan it will be very cheap compared to regular medical insurance.
What is the difference between Indemnity and Pay on Behalf of in an insurance policy?
Indemnity, indemnify (as I understand it) is protection from loss, and to make whole, after a loss has been sustained. On Behalf of would be the person the sum is being paid for/in your stead/representing you/in stead of you. Your insurance company made payment to the injured/damaged property that you were responsible for, thus indemnifying them, on your behalf, (rather than you paying it yourself).
What is the difference between the submitted amount and approved amount on an insurance claim?
The payment a participating provider agrees to accept for a service. The approved amount is decided by insurance company fee schedules, CPT® coding standards and generally accepted insurance reimbursement rules.
What is the difference between motor insurance and marine insurance?
difference of motor and marine insurance
What is the difference between voluntary insurance?
What is the difference between voluntary life insurance and life, ad/d?
Difference between h03 and h05 home owners insurance?
Difference between h03 and h05 home owners insurance?
What is the difference between a warranty and insurance?
the difference between a warranty and insurance, is a warranty is when you can return it to either get another or to just return it. insurance is when you have coverage over the object or living being.
What is the difference between the warranties?
The term indemnity normally is used in context to insurance. Indemnity means putting the party in the same financial position before he/she has entered into a contract. In other words Indemnity is to make good a loss. Most insurance contracts are based on the principle of Indemnity. So when you take out an insurance policy the Insurer (ie the Company) will shield you from financial loss if a specified event happens and you fulfill all the laid conditions. Warranty is normally used in connection to a product. It is a promise to make something work properly, to maintain its usefulness or performance for a period of time. The seller is under obligation to repair or provide a replacement if the product / serice doesnot perform as intended. The term indemnity normally is used in context to insurance. Indemnity means putting the party in the same financial position before he/she has entered into a contract. In other words Indemnity is to make good a loss. Most insurance contracts are based on the principle of Indemnity. So when you take out an insurance policy the Insurer (ie the Company) will shield you from financial loss if a specified event happens and you fulfill all the laid conditions. Warranty is normally used in connection to a product. It is a promise to make something work properly, to maintain its usefulness or performance for a period of time. The seller is under obligation to repair or provide a replacement if the product / serice doesnot perform as intended.
What is the difference between health insurance policy and Critical illness policy?
A Health Insurance policy is a reimbursement of the medical expenses. Well Critical illness insurance is a benefit policy. Under a benefit policy upon the occurrence of an event, the insurance company pays the policyholder a lump sum amount. Under a Critical Illness policy, if the insured is diagnosed with any critical illness as specified in the policy.
