Partnership Program For Cheaper New York Long Term Care Plans
New York long term care is one of the most expensive in the entire country so even if the local residents want to avail an LTC insurance plan that could take care of their LTC needs in the future, they are still hesitant and doubtful to get one because of the expensive monthly premiums that it has.
Although the provided services and other LTC facilities that LTC plans in the United States are almost the same, the prices and amount of each insurance policy differ, depending on the type of LTC policy that the individual purchased, and also because of the fact that specific areas in the different states have varying rates and prices.
A private room in a nursing home located in New York may cost up to $25,000 a year, which is more expensive than that of Alabama, which only costs an approximate of $70,000 annually. This figure can still change as the years go by because the rates and monthly premiums of all LTC plans in the country increase every year.
According to some studies about the progress of rates of LTC plans in the United States, there is a drastic change of almost 20 percent per year in the monthly premiums that insurance companies offer. This means that the longer period an individual delays or postpones his insurance plan purchase, the higher possibilities of him getting more expensive and pricier policy rates.
As a preemptive measure to keep the number of New York long term care insurance policy owners from falling down, the local government of New York has adopted the Partnership program, which was a by-product of the Deficit Reduction Act of 2005 that mandates the states in the country to implement an LTC policy option that would offer more affordable rates to the public.
This LTC plan alternative may have the cheapest LTC rates available but it also offers two more extra features that further benefit its policyholders. These two additional features are both exclusively available when an individual purchases a Partnership policy.
The reciprocity standards feature lets the insured individual to use his Partnership policy even if he decides to transfer to another state. This is applicable as long as the state or area where he would move to also participates and also offers Partnership policies.
Meanwhile, the other added feature is known as the Dollar-for-Dollar asset protection feature that permits the insured individual to keep a certain portion of his assets for every time his Partnership plan pays out in benefits. Medicaid can then disregard the assets if ever the insurance owner decides to apply for Medicaid eligibility in the future.
But a Partnership plan owner must always remember that owning a Partnership plan does not assure him of automatically getting Medicaid benefits. He must still meet and pass the requirements of Medicaid before they can be considered for Medicaid qualification.
This Partnership program is just one of the many alternatives and possible ways of getting cheaper New York long term care monthly premiums. to know more about the other available options, a New York resident may directly contact his insurance provider and discuss or inquire about the other LTC-related concerns that he might have.
Secure the financial future of your loved ones by buying long term care planning. Get free long term care quotes in the state of New York at CompleteLongTermCare.com.
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