Indemnity Long Term Care Insurance
In an Indemnity Long Term Care insurance policy you receive your complete daily benefit amount, regardless of the bill. Because of this, these types of policies are overall more expensive than reimbursement policies.
Disability Model Indemnity Plan
With a disability model indemnity plan (commonly known as CASH) the policy you purchase is what you get reimbursed for regardless of whether or not you have a bill. You use the money however you see fit. . It doesn't require that you receive care from licensed caregivers or home health care agencies. It just requires that you have a two ADL loss or a cognitive impairment. Generally a CASH policy will be the most expensive type of LTCi policy.
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Indemnity LTCi Example 1:
You have a daily benefit amount of $200 and your facility bill is $170. You will receive the full $200 and can keep the remainder ($30).
Indemnity LTCi Example 2:
You have a daily benefit amount of $200 and your facility bill is $250. Your insurer will receive the full daily benefit amount of $200 from your insurer and you will be responsible to pay the remaining $50.