- 175
I'm running some illustrations and to add the Indemnity Benefit it is almost 20% added to the premium...
Is it worth it in your opinion/experience?
Is it worth it in your opinion/experience?
Last edited:
Is Indemnity Benefit Worth It?
- Thread starter crimsontideagent
- Start date
- 5,056
What is the commission ? HAHA
Why are you considering adding it in the first place? Who is the carrier, and is it really an indemnity benefit, or is it a full cash benefit regardless of service provided. Seems like some people use the word "indemnity" and "cash benefit" interchangeably....and to some there is a difference.
- Thread starter
- #4
- 175
It's just something discussed and "pushed" at my former career shop. It's a sweet rider, a cadillac type rider. BUT expensive.
It is really an indemnity - for example, daily benefit is $150, services for that day are $100, you get all $150 instead of just paying for the services.
I know a guy who is a wizard in LTC who loves indemnity. His claim is there's no way we are going to know what medical procedures are going to look like in the future and some reimbursement plans may not pay for certain procedures and so indemnity helps prevent this issue. I'm a tad skeptical of this claim.
There's a big difference between an "indemnity rider" and a "cash policy."
An indemnity rider is just a reimbursement policy "with a boost".
Arthur Rudnick
Guru
- 1,652
There's a big difference between an "indemnity rider" and a "cash policy."
An indemnity rider is just a reimbursement policy "with a boost".
Yes, there is a difference, although all cash policies are indemnity policies.
Pru & Mutual of Omaha (to name 2 carries) offer that "boost" in cash.
Although more expensive, the best option is a cash-benefit policy, which is offered by Pru & MedAmerica.
No bill or receipts to submit, full monthly benefit in CASH that can be used for anything, including informal caregivers. Also, payable anywhere in the world with no benefit restrictions.
An indemnity rider is just a reimbursement policy "with a boost".
Yes, there is a difference, although all cash policies are indemnity policies.
Pru & Mutual of Omaha (to name 2 carries) offer that "boost" in cash.
Although more expensive, the best option is a cash-benefit policy, which is offered by Pru & MedAmerica.
No bill or receipts to submit, full monthly benefit in CASH that can be used for anything, including informal caregivers. Also, payable anywhere in the world with no benefit restrictions.
Arthur Rudnick
Guru
- 1,652
I didn't say that Pru or MOO offered an indemnity benefit rider, I said they offered that "boost in cash".
And, technically a cash benefit is an indemity benefit.
And, technically a cash benefit is an indemity benefit.
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