Finding Long Term Care Partnership States
With the goal of boosting long term care insurance ownership, by combining public and private resources, the partnership program was developed. The program was originally pilot tested in four states — California, Connecticut, Indiana, and New York. Today, aside from these places, there are more long term care partnership states.
The development of the program was not just to reduce the pressure on Medicaid budget but also to encourage interested policy buyers to invest in private insurance that can provide them access to special care while having reduced health expenditures. One of the main features of partnership programs is that it gives consumers access to Medicaid under special qualifications that will offer additional coverage (aside from that included in the policy) for long term care (LTC) services.
The partnership program aimed to attract lower- to middle-income earners to purchase LTC policies, believing that they are the ones who would most likely depend on Medicaid. However, it turned out that higher-income Americans were also drawn to the benefits of the program.
Additionally, partnership LTC insurance also offers asset protection to policy holders. In situations where the insured had spent up his policy benefits, the program can come in to shield their assets from the spend down requirements of Medicaid or Medical.
Long Term Care Partnership States
With the success of the program in the pilot states, more states followed and began to offer this type of insurance. Through the Deficit Reduction Act (DRA) of 2005 it expanded and reached the other states. Now, all states are permitted to provide partnership policies and reciprocity agreements that permit policy holders to use their policies in other states that have a partnership program. This reciprocity is recognized as a beneficial feature specially for many consumers who are still undecided on where they will settle for their retirement and in their future years.
The following states offer partnership insurance: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, and Washington.
This list can help interested policy buyers and even policy holders find long term care partnership states. For those living in states that were not included in this list, contacting your state’s health department regarding partnership insurance or alternative policies that may offer similar features will provide answers to your questions about this insurance. On the other hand, for those interested in this insurance program, calling the insurance carriers or setting a meeting with their agents can help satisfy your curiosity regarding partnership long term care insurance programs.
As the number of long term care partnership states have increased, consumers, regardless of in which state they reside, can enjoy the benefits of this program. They are not only provided with an insured superior health care coverage, but also asset protection, and an advantageous reciprocity between states.
Are you contemplating on getting long term care plans but don’t have any idea what long term care insurance covers?
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