Affordable Long Term Care Plan from the Partnership Program
Before Partnership long term care insurance (LTCI) policies came to be, LTCI buyers had to spend a chunk of money especially if they are aiming to clinch a policy with a five-year benefit period or even longer.
Having a policy with a longer coverage gives one the feeling of security but the problem is that not everybody is financially equipped to purchase a five-year LTCI policy. By opting for a policy which complies with the Partnership LTCI Program, an individual can go for a shorter benefit period and in the event of requiring additional care he can apply for Medicaid assistance without depleting his assets.
Partnership qualified LTCI policies carry a special feature known as the Medicaid Asset Protection which allows eligible policyholders to apply for Medicaid while protecting the amount of their assets that is equivalent to the amount of benefits that was paid out to them by their policies.
For example, you own a Partnership LTCI policy which has a maximum benefit amount of $275,000 that is payable in three years. After your three-year coverage, your physician recommended continuous therapy in a nursing home but there’s nothing left in your pool of benefits as you’ve exhausted every single dollar so you can apply for Medicaid assistance to be able to receive the said therapy sessions. Medicaid would normally require anyone who wishes to receive assistance from it to spend down his assets but since you own a Partnership qualified LTCI policy you get to protect your assets worth $275,000.
You Don’t Pay More for Partnership Long Term Care Insurance
Partnership qualified policies may have more to offer than the standard LTCI policy but the good news is that one does not have to spend more for the premium of his Partnership policy.
Truth of the matter is, by choosing a policy which complies with the Partnership Program one gets the privilege to pay a lower premium rate as he can cut down his benefit period.
Meanwhile, if you decide to buy a different type of policy you can also reduce your premium by shortening your coverage period, but if you would end up requiring additional care afterwards and decide to turn to Medicaid it shall require you to deplete your assets up to the income and asset ceilings of the Medicaid program in your state.
The Partnership LTCI Program was actually created to benefit the public and the government. By allowing the public to secure a policy with a short benefit period the government is actually offering everybody the opportunity to save on their annual premiums. On the other hand, purchasing this type of policy postpones people’s need for Medicaid, if they would ever need it.
Take note, though, that not all insurance companies are authorized to sell Partnership long term care insurance policies. To be certain that your policy meets the requirements of the Partnership Program in your state of residence contact the department of insurance, as it has the complete list of companies and individuals who are licensed to sell this type of insurance product
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