2 Added Features of Florida Long Term Care Partnership Policies
In order to alleviate the worries of the government regarding the health insurance needs of the public, the local state of Florida has implemented the Florida long term care partnership program. This program hopes to provide the public with even more policy options and cheaper policy rates so that the residents can consider and be convinced of buying their own LTC insurance plan.
Although the Partnership program has been around since the 80’s, the state of Florida just adopted the idea in 2005. This program is a joint effort from the local government and some private insurance companies that operate, offer, and sell LTC plans in this particular state.
One of the main objectives of this program is to let the natives of Florida to take responsibility when it comes to their health care needs. The government, through Medicaid, can accommodate specific LTC needs of the public but it still would not be enough to give all the services and facilities that its beneficiaries would require.
The program offers cheaper and more budget-friendly monthly premiums so that it could encourage and convince the local residents to avail a Partnership policy, which they can use to get all the necessary LTC services that they would need in the future.
But even if this LTC policy alternative is cheaper compared to the other private insurance plans that are being offered to the public, the policyholders of a Florida long term care partnership program can also enjoy two more additional policy features that would surely bring them more benefits and advantages.
One of the additional features that Partnership plans offer include the Dollar-for-Dollar asset protection that enables the insured individual to keep a certain portion of his assets for every dollar that his partnership plan pays out in benefits. If ever he would apply for Medicaid eligibility, these assets will be disregarded but he should still be able to meet the requirements before he can start receiving any benefits provided by Medicaid.
The second extra LTC feature that Partnership plan holders can utilize is the so-called reciprocity standards. This allows the insurance owner to transfer or move to another area or state without the need of purchasing a new Partnership policy. His insurance plan availed from his original or previous state will still be valid and can still be used as long as the state where he transferred to participates in the reciprocity agreement of all the states that offer Partnership plans.
All the other LTC plan features such as benefit amount, benefit coverage period, and inflation protection are also provided by this LTC policy option. By being able to determine the most suitable options for his potential Partnership insurance policy, the individual can make full use of all these features and gain more benefits without having the need to pay extra or more expensive amount of LTC plan.
The Florida long term care partnership plan is a good alternative for those who are interested in getting an LTC insurance plan but has tight financial budget. Contact your local insurance provider now to know more about this plan option.
Visit CompleteLongTermCare.com to get free long term care quotes and other information on long term care plans in Florida.
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