Simplicity. It’s something everyone would like in life, especially from insurance coverage. MedAmerica Insurance Co. has a product intended to make paying for long term care services simple, and it is aptly called Simplicityii. The product allows consumers to create a Cash Benefits Account in amounts varying from $100,000 to $1 million, which can grow over time, instead of purchasing a potentially confusing LTCI policy.
When the policyholder becomes benefit eligible, he receives a monthly cash benefit check from his account. The check is made out to the policyholder and is issued whether he receives LTC services or not; he can use the funds as he sees fit.
“Everyone understands a bank account,” said Christopher Perna, president of MedAmerica. “Why not enable people to have an account set aside for their long term care needs? Like a bank account withdrawal, benefits are paid in cash to the policyholder.”