The Good Side of a Georgia Long Term Care Insurance Partnership Plan
Following the high demand of long term care insurance plans in the other states, the state of Georgia has also persevered and worked hard in order to promote and further encourage its citizens to purchase Georgia long term care insurance policies so that they can experience and enjoy the benefits that they can get from owning such policies.
But due to the expensive and high-priced rates and other prices that come with private LTC insurance plans, some individuals, especially those who belong below the poverty line and those who are considered average income earners, find it difficult to maintain paying for the monthly premiums. As a result, not all residents of Georgia have the opportunity to receive best quality of LTC services in the future.
Although it is a known fact that an LTC insurance policy would not prevent someone from getting sick or weak, it can at least help with lessening the financial burdens that an old individual and his family members would encounter once they start needing and receiving LTC services and facilities that their health condition requires.
Although Medicare and Medicaid can help an individual with some of his LTC expenses, it is still not advisable to depend on these to compensate and fulfil their LTC needs because in reality, they do not pay all the LTC-related requirements and needs of the individuals. In the end, it is still up to the person to pay for the other fees and miscellaneous that the Medicaid and Medicare do not cover.
Because of this, the Georgia long term care insurance Partnership program was adapted by the local government. Not only does it aim to provide cheaper and more flexible rates and monthly premiums to the residents, it also aspires to lessen Medicaid expenses every year, wherein a large amount is dedicated to LTC-related expenses alone.
The Partnership Program was a provision of the Deficit Reduction Act (DRA) of 2005 that mandates all the states in the country to come up and implement LTC insurance plan alternatives that would cater to the financial capacities of the majority of the population.
The rates of monthly premiums, although cheaper as compared to those LTC insurance policies that were purchased from private insurance providers, do not sacrifice the quality and excellence of the services that it provides. As a matter of fact, there are even more features that Partnership policyholders can take advantage of.
One of these is the Dollar-for-Dollar asset protection feature that allows the policy owner to hold or keep a portion of their assets for every dollar that his Partnership plan pays out in benefits. Because of this, he has more chances of being qualified for Medicaid benefits, although he must still pass and meet the requirements set by Medicaid before he can be eligible to receive its benefits.
Another added feature is the reciprocity standards wherein an individual does not need to purchase another insurance plan if ever he decided to transfer to another state as long as his new location participates in the reciprocity agreement of the states that also offer Partnership plans.
With Georgia long term care insurance Partnership program, the residents now have another good option for an LTC insurance plan to consider. To understand and know more about this, an individual may directly contact his preferred insurance provider for more details.
Learn more about the conveniences and benefits of CLASS act when you visit our website plus you can also get a free long term care quote.
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