NU Online News Service, Jan. 23, 11:23 a.m. – UnumProvident Corp., Chattanooga, Tenn., is selling a new individual long-term care insurance product that lets customers choose between a reimbursement plan design and an indemnity plan design.
The reimbursement version reimburses customers for costs already incurred. The indemnity version pays a pre-set daily benefit, regardless of costs incurred.
Both the reimbursement and indemnity plans offer additional, free features, such as coverage for respite care and guaranteed renewable benefits, the company says.