Gain More from Florida Long Term Care Partnership Program
Floridians are encouraged to come up with a healthcare plan in advance because if they wait until they’re 10 years away from needing care before making a choice, they could wind up paying for their healthcare expenses out-of-pocket. Those contemplating insurance might as well study the benefits that they can get from the Florida long term care partnership program.
This type of insurance is a partnership between the state of Florida, the Medicaid program and private insurance companies that are licensed to sell partnership long term care insurance (LTCI) policies. It was basically designed to promote the importance of securing a long term care plan to Floridians.
Florida’s partnership LTCI program only took effect in 2005 following the Florida legislature’s directive to the Agency for Healthcare Administration of establishing a set of guidelines for a partnership program-qualified LTCI policy.
For a Florida LTCI policy to qualify for the partnership program, the policyholder should be a resident of Florida, the policy should be tax-qualified, and it must have an inflation protection rider.
Based on the rules and regulations of Florida’s insurance department, individuals who purchase a policy at the age of 60 or younger should have an annual compound inflation protection of 4% or 5%. Meanwhile, those who have purchased LTCI policies between the ages of 61 and 75 should have compound inflation protection. If an individual was 76 at the time of purchase, an inflation protection rider of any kind is not required anymore.
More Care With Florida Long Term Care Partnership Program
Nobody said the partnership LTCI policy is the best in the insurance market, but if you have a big number of assets to protect it would be wise to get this.
Through Florida’s partnership program, you can keep your assets with an amount equal to your LTCI policy’s maximum benefit should you apply for Medicaid assistance to receive continuous care, after your insurance benefits have been exhausted.
Florida’s Medicaid program requires an asset limit of $2,000 for one to be eligible for long term care (LTC) coverage. Those people who have nowhere else to turn to for financial assistance would usually end up spending down their assets just to meet this requirement.
Meanwhile, if you are in your 40s or early 50s you still have enough planning time so don’t wait till you’re only a few years away from requiring care before thinking about your options. Try as they may the federal and state government just cannot help spoon-feeding the public as the cost of care in Florida soars rapidly.
At present, the average national rate of a home health aide in Florida is $21 per hour, an assisted living cost $2,662 every month, while a nursing home is currently raking in $225 a day which is equivalent to $83,950 per annum.
Assess your finances to be able to figure out if you can afford paying that much out-of-pocket. If not, there’s no better time to plan your future healthcare needs and expenses than today. Learn more about the Florida long term care partnership program through your insurance agent or by getting in touch with the insurance department.
Processing your request, Please wait....
