Look After Your Long Term Care and Financial Needs
Long term care (LTC) is very expensive at present and its cost is expected to only go higher in the succeeding years, but do not let this information hinder you from living normally. You don’t have to spend everything that you’ve got on care, at least not with a partnership long term care insurance plan.
Decades ago, people had only three choices for their LTC and these were long term care insurance (LTCI), to self-insure, and Medicaid. Now they have four choices with Partnership LTCI policies as addition. Partnership qualified LTCI policies stem from the Partnership Program which was formed between private insurance companies and state government agencies to encourage every single American to avail LTCI coverage in order to avoid the financial dangers that accompany the cost of care.
California, New York, Connecticut, and Indiana are the four U.S. states that pioneered the Partnership Program which eventually spread following the Deficit Reduction Act of 2005 (DRA). Today almost all 50 states are participating in the said program which guarantees financial protection apart from topnotch care for the elderly and disabled.
How a Partnership certified LTCI policy serves as financial protection is quite interesting as not many LTCI policies are known in this aspect. To start off, it does not pressure buyers to go for a high maximum benefit amount and a long coverage period because in the event that they run out of benefits they can simply apply for Medicaid without complying with the asset and income requirements of this federal health insurance program.
Perhaps through research of LTCI you’ve learned that the higher amount of your benefits and the longer your maximum benefit period, the more expensive is your coverage. So, most people would rather cut back on these variables despite knowing that they would need a longer period for care lest they would be forced to discontinue their policies due to poor premium maintenance.
Partnership Long Term Care Insurance and Medicaid
Choosing Medicaid alone for your LTC is not a good option because this federal health insurance program requires anyone who would need its assistance to spend down his assets up to a certain amount. Now with a Partnership LTCI policy, an individual in need of ongoing care can apply for Medicaid assistance while protecting a portion of his assets that is equivalent to the amount of benefits that has received from his policy.
For example, you have a Partnership LTCI policy with a maximum benefit amount of $220,000 but before your benefit period has ended you have completely exhausted your benefits. Since your physician instructed you to continue your respiratory therapy all you have to do is apply for Medicaid to receive the treatment that you need and protect up to $220,000 of your assets as this is the amount of benefits that you have received from your policy.
Partnership long term care insurance is a product that you definitely should look into as it would prepare not only you but your family for the expected fourfold hike in LTC costs. Contact a trusted LTCI representative in your area today.
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