Exclusive Features of California Long Term Care Partnership Plans
The California long term care partnership policy program is just one of the many efforts taken by the local government of the state to help boost the awareness and interest of the residents to go on and buy an LTC insurance plan that could help them pay the LTC services and facilities that they will use in the future.
This step was made possible thru the joint effort of the government and some private insurance companies that offer or sell LTC insurance plans in the country. These bodies both aim to provide the public with a better and more efficient healthcare system in the years to come and to also make the people experience the difference of being uninsured and owning an LTC policy.
We are aware how much LTC policies could help us when it comes to paying all the services and facilities that we are going to need in the future. But due to the expensive monthly premiums that these insurance plans commonly charge, an ordinary citizen who earns just enough amount of money for his family’s daily needs find paying the monthly premiums as a financial burden.
Partnership policies offer lower rates than those private LTC plans but it offers more perks since it has two more additional features that are valuable and helpful to the policyholders.
The first exclusive feature of a California long term care Partnership plan is called the Dollar-for-Dollar asset protection. This feature makes the insured individual keep some of his assets for every benefit that his policy pays out. The Medicaid can then disregard these should there comes a need for the insured person to apply for Medicaid eligibility if his Partnership policy expires and he still needs to receive LTC services due to his health condition. But he must still meet the requirements set by Medicaid before he can be fully eligible and formally receive and get Medicaid benefits.
The other special feature is the so-called reciprocity standards that allow the insured individual to move to another state or location without the need for him to purchase another Partnership or LTC policy. This is possible as long as his new location is included or participates in the reciprocity agreement among all the states that also provide Partnership program.
These two features are all present in a Partnership policy, along with the other compulsory features that all LTC insurance plans must have. These include the daily benefit amount, benefit coverage period, and inflation protection.
Just like with any other LTC plans, the levels of inflation protection in a Partnership policy are based on the age of the person when he applied and acquired his LTC plan. More often than not, younger applicants get higher and more favorable levels that give them more perks when the time comes that they actually start using their policy benefits.
The government also adopted the Partnership program in California in order to reduce the Medicaid expenditures on LTC-related services and facilities. Some details reveal that the Medicaid spends billions of dollars every year to compensate and pay for all the needed LTC facilities of its beneficiaries.
Contact your insurance agent now and inquire about the California long term care Partnership plan that your preferred insurance company offers.
Be wise and have long term care planning before retirement. Research multiple long term care quotes.
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