Affordable Long Term Care Insurance for Texans
Long term care (LTC) costs in Texas will not cease to increase so it is about time that Texans stop hoping for the impossible. They are advised to use their time on planning their future health care needs. Perhaps a peak into a Texas long term care Partnership policy will help them figure out how to do it.
Long term care insurance (LTCI) policies that comply with the guidelines of the Partnership Program, a collaborative effort between private insurance companies and state government agencies, offer people affordability and possible supplemental coverage from Medicaid.
Just like other LTCI policies, a Partnership qualified policy will help people pay for the LTC expenses that they would incur in a nursing home, community-based LTC facility like assisted living, or probably in their own homes. What’s nice about it is the fact that it has more to offer than the standard LTCI policy because its responsibility to the insured does not end once that individual has completely exhausted his maximum benefit amount.
Partnership LTCI policies in Texas allow policyholders to apply for Medicaid coverage after they have consumed their benefits. Medicaid will not require them to spend down all of their assets since their policies come with an asset disregard feature. This means they can keep a dollar of their total countable assets that is equivalent to every dollar of benefits which their policies pay out to them.
Without this kind of LTCI product, anyone who wishes to receive Medicaid coverage will be required to meet the state’s income and asset requirement first.
More Freedom with Texas Long Term Care Partnership Plans
If you buy a standard reimbursement or indemnity LTCI policy, you have to acquire care in the state that issued your policy or you won’t be able to claim your benefits. If you do not wish to experience this confinement, you can opt to buy a Partnership certified LTCI policy and be free to receive care in any state participating in the Partnership Program’s reciprocity agreement.
Note that it was strongly emphasized above that your Partnership LTCI policy will only be honored in U.S. states that are actively participating in the reciprocity agreement. If you wind up in a state which offers the Partnership Program but does not participate in its reciprocity agreement, you will not be able to claim your benefits nor be eligible for the Medicaid asset disregard. Simply put, perform a thorough research on each Partnership state before relocating because the reciprocity agreement is optional.
Aside from allowing you more freedom to move about the country, a Partnership certified policy will also ensure that your insurance benefits will remain competitive amidst inflation as it has a built-in inflation protection rider. Anyone who buys his Partnership plan before the age of 61 will automatically receive a 5% compound annual inflation protection. If he is between 61 and 76, his policy should provide some level of inflation protection but if the buyer is past the age of 76 he is no longer required to buy this type of rider.
Contact a trusted LTCI specialist in your area for more information about the Texas long term care Partnership plan.
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