MedAmerica, a long-term care insurer, will expand its offerings with a new carrier domiciled in Florida, MedAmerica Insurance Company of Florida.
After a simplicity policyholder becomes benefit eligible, they receive monthly benefits distributed from their cash benefit account. Their monthly cash benefit is prepaid and is guaranteed in full each month they remain on claim, whether or not they received services. A person can use the funds as they choose, no company approval is required. Cash benefit accounts are available in varying amounts from $100,000 to $1 million and can grow over time using various inflation protection options.
Christopher Perna, president of MedAmerica, said: We have simplified long term care insurance by offering cash policy that’s easy to use. Traditional long term care insurance is too complicated and limited to defined care services and settings that may not even exist when care is needed. We believe that the policyholder, not the insurance company, should control what services or care are received. Simplicity ii makes that possible.