How Beneficial is a Partnership Long Term Care Insurance Policy?
There is no need to emphasize the high cost of care when reminding someone to work out a long term care plan because it is practically among the news staples already. However, repeating it seems imperative as the population without long term care insurance is still greater than the insured despite the opportunity that has been given to them via Partnership long term care plans.
Long term care insurance (LTCI) is thought to be costly by most people that is why many would prefer to wait for the need for care to arise before buying a policy to be sure that they will benefit from the said product.
Even though LTCI representatives have been reiterating that the annual premium of a potential LTCI policy is much cheaper than the annual cost of a nursing home, assisted living facility, in-home care, and other long term care (LTC) settings that you can think of, uninsured residents seem unaffected or perhaps they’ve done a great job giving off that impression.
Time and time again, LTCI experts have sounded off the importance of buying LTCI policies while one is young and healthy because if they wait to retire or come down to a debilitating health condition before doing so, their chances of acquiring a plan are low. In fact, they are more likely to be declined by an insurance company.
Younger people are more capable of buying LTCI because they are still active at work while retired folks have to budget their nest egg or work around their retirement money.
For instance, a 65-year-old man receives $500,000 upon retirement and he buys an LTCI policy with a five-year benefit period. His type of coverage requires him to maintain an annual premium of $10,000. In case the insurance company which issued his policy imposes a premium hike 10 years from now, God only knows how this man can manage to keep up with the new rate of his premium.
Why Consider Partnership Long Term Care Plans
When one buys an LTCI policy while he is young he does not have to risk paying a high annual premium. As a matter of fact, policyholders between the ages of 40 and 50 hardly feel their premium but those who bought their policies past the age of 65 consider their premiums financially burdensome.
If you’re currently shopping for a policy, consider one under the Partnership Program as this is more cost-effective than other kinds of policies. Even if you will end up needing five years of care or more, with a Partnership qualified policy you can settle for a three-year benefit period and should you require further care in the future after using up your insurance benefits you can simply apply for Medicaid assistance.
While others have to deplete their assets before Medicaid takes them in, you have the privilege to protect a portion of your assets that is equivalent to the amount of benefits that was paid out to you by your policy.
As the cost of care continues to go up, you have to find ways to protect your resources and only a Partnership long term care insurance can help you with this.
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