Question about how the reimbursement option works.
With the reimbursement option, the insured is reimbursed for actual expenses incurred.
Let's say the insured has a benefit triggering event such as needs assistance with three ADLs(Activities of Daily Living). The insured has a $275 per day maximum benefit which corresponds to about $100,000 per year annualized. Let's say the insured enters a nursing home that costs $100,000 per year. Will the insurance company pay the full $275 per day to cover the full cost of the nursing home stay or will they just cover the portion of the cost of the nursing home that corresponds to the value of the help required to assist in the ADLs that the insured is not able to provide for himself --- e.g. limited to the cost to bathe and help out of bed? As some of the nursing home costs are for basic living needs such as food, housing, utilities that anyone would need to live and would that not be covered costs as part of the daily benefits paid?
With the reimbursement option, the insured is reimbursed for actual expenses incurred.
Let's say the insured has a benefit triggering event such as needs assistance with three ADLs(Activities of Daily Living). The insured has a $275 per day maximum benefit which corresponds to about $100,000 per year annualized. Let's say the insured enters a nursing home that costs $100,000 per year. Will the insurance company pay the full $275 per day to cover the full cost of the nursing home stay or will they just cover the portion of the cost of the nursing home that corresponds to the value of the help required to assist in the ADLs that the insured is not able to provide for himself --- e.g. limited to the cost to bathe and help out of bed? As some of the nursing home costs are for basic living needs such as food, housing, utilities that anyone would need to live and would that not be covered costs as part of the daily benefits paid?