Pennsylvanians Need Partnership Long Term Care Policies
Considering the speedy growth of its uninsured population, the Pennsylvania partnership long term care program will surely benefit Pennsylvanians who are young, healthy and still active at work.
As one of the states with the highest number of residents that don’t have health care insurance, the state’s partnership program came just right in time. On July 17, 2007 it was signed into law so that Pennsylvanians will have more options in the area of long term care (LTC) planning.
Just like most policies under the partnership program, the Pennsylvania LTCI policy exempts a policyholder from spending down his assets should he apply for Medicaid assistance someday after having exhausted his policy benefits.
This was made possible through the partnership program’s dollar-for-dollar asset protection which specifies for every dollar that an insured individual receives from his policy benefits he will be able to keep a dollar of his assets.
For example, you have purchased a three-year partnership-qualified LTCI policy which stipulates a maximum benefit of $250,000. Before the third year of acquiring LTC services, your policy benefits have been totally wiped out by home care and nursing home expenses.
When you get to this phase, you can apply for Medicaid eligibility without having to worry about spending down your assets up to Medicaid’s asset limit which is $2,400. Since your policy’s maximum benefit is $250,000 you get to keep your assets that total to this amount.
Accessibility To Pennsylvania Partnership Long Term Care Policies
Pennsylvania’s cost of living and its high unemployment rate are basically the reasons behind the failure of countless people below the age of 65 to secure LTCI policies.
According to the residents of the state they will only manage to have health care insurance if their employers offer it as an employee benefit. If this never happens, they will have to live with the fact that they have to utilize whatever is left of their resources so they can finance their LTC expenses.
If their resources turn out to be inadequate, their next option is Medicaid. Unfortunately, this federal health insurance program is cutting down costs in institutional LTC facilities such as nursing homes. If you have a predisposition to cancer, high blood, diabetes, Alzheimer’s, or other chronic illnesses which require 24-hour monitoring from a skilled nurse or another licensed medical practitioner, only a private insurance can help you through nursing home expenses.
According to the Genworth Financial 2011 Cost of Care Survey, the median annual rate of a private room in a Pennsylvania nursing home is $96,725. This is only a few notches below the nursing home rates of Maryland, DC and West Virginia.
If you’re going to opt for an assisted living facility, the current annual rate of one is $36,000 while home care is $45,760, which is identical to Maryland’s rate for this kind of LTC setting.
Pennsylvanians are aware of the predicted cost of care 20 years from now but majority of them have long resigned their future to Medicaid because they cannot afford an LTCI policy let alone Pennsylvania partnership long term care policies.
The people behind CompleteLongTermCare.com only want the best for everyone and that’s why we give free long term care quotes from top providers and other important details about long term care. Find out if these long term care plans perfectly suit you and if they are enough to secure your future right now!
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