Young Nebraska Partnership Long Term Care Program
The Nebraska partnership long term care program is relatively new in the country, which only took effect in 2006. It is a result of the Legislative Bill 965, and the collaborative efforts of private insurance companies in Nebraska and the state government.
Nebraskans can now look into this new long term care insurance (LTCI) product when planning for their future health care needs. Through the partnership program’s dollar-for-dollar asset protection, an insured person does not have to spend down his assets should he apply for Medicaid assistance after using up his policy benefits.
Other types of LTCI policies do not offer this benefit but it does not follow that the partnership program should be the only choice of LTCI buyers. What you choose to buy should really depend on your needs.
Partnership LTCI policies are primarily designed for middle-class families who cannot afford policies with a long benefit period or lifetime coverage. Buyers can settle for a three-year benefit period and once their benefits have been exhausted, they can apply for Medicaid eligibility. It did not take long, however, for members of the upper class to pick up on the advantages of the program when it comes to asset preservation.
According to a research conducted by the National Family Caregivers Association, more than 65 million Americans or approximately 29% of the total population of the country are caregivers. What’s more, the value of the services which they provide their loved ones is approximately $375 billion per annum.
Had there been more insured residents in Nebraska, both institutional and community-based long term care facilities would’ve been able to provide jobs to unemployed individuals in Nebraska; on the other hand, the new workers could’ve been responsible for supplying $375 billion in revenue.
Buying A Nebraska Partnership Long Term Care Policy?
People have different minds and approaches when it comes to long term care planning. Indemnity LTCI policies, for instance, are appreciated by people who want to be in full control of their benefits.
Reimbursement LTCI policies, on the other hand, are preferred by individuals who have a modest income. Then there’s the partnership LTCI policy which is highly in demand among individuals who have accumulated so many properties and assets during their heyday.
To be able to clinch a plan that you will actually use in the future, it is best to seek guidance from your insurance agent or your state’s insurance department.
Before that, consult your physician to find out the status of your health. The information you’ll get is essential to your LTC plan as this will be the basis of your insurance agent when he starts gathering LTCI quotes for you.
In the process of planning your future health care, consider the predicted cost of care in 2030. Financial advisers said this will increase fourfold along with the anticipated 40% population growth of elderly people aged 85 and older.
If you’re considering a Nebraska partnership long term care policy, now this is the best time to request LTCI quotes that were conceptualized for this insurance product. Planning really entails patience and a pair of scrutinizing eyes to avoid wasting your hard earned money.
Through LTCI partnership long term care plans, middle-class families from Nebraska can finally satisfy their health care needs plan in the future. You can learn more about this Nebraska Partnership Long Term Care and even get free long term care quotes when you check out our website.
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