How Long Has Long Term Care Insurance Been Around?

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May 20, 2013

Jerry Vanderzanden, CLU, ChFC

Long term care insurance is a relatively new form of insurance. It has been around since the early 1970s. In those early days, it was primarily seen as “nursing home” insurance that provided indemnity benefits. Indemnity policies pay a specified amount for each day of covered services regardless of the actual costs incurred by the insured. It has evolved beyond this limited beginning to reimburse the insured for costs he or she incurs for comprehensive covered services in one’s home or in a nursing home or assisted living facilities up to a daily, weekly or monthly maximum stated by the policy.

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