It’s Possible To Clinch Affordable Florida Long Term Care Coverage

By Author: Suzanne Campbell
Total Articles: 36
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Perhaps you’ve been told by some people selling long term care insurance (LTCI) that investing a chunk of your money in a good policy will take you a long way. Well, it does not actually have to be a chunk especially if you are considering something like the Florida long term care Partnership policy.

Policies sold under the Partnership Program, which is a collaborative effort between private LTCI companies and government agencies pushing for a better LTC system, are designed to provide affordable coverage to the public. It’s affordable because an individual can purchase an LTCI policy which does not actually contain all the ideal components of a standard policy, but doesn’t compromise his health care requirements.

Partnership-qualified LTCI policies have a special feature called the Medicaid asset protection, which allows the policyholders to freely apply for Medicaid after they have exhausted their insurance benefits. They can do this without spending down a specified amount of their assets that is equivalent to the amount of benefits that they have received from their policies.

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... Without the Partnership plan, a resident of Florida who wishes to avail LTC coverage from Medicaid should have a monthly income which does not exceed $2,094. His total assets, on the other hand, should not be more than $2,000. Now with a Partnership LTCI policy he won’t be compelled to sacrifice the things which took him years to acquire.

You Can Have It All with Florida Long Term Care Partnership

They say in long term care you can’t have your cake and eat it too. Owners of LTCI policies that comply with the Partnership Program vehemently disagree because they get to save on their coverage and at the same time receive supplemental Medicaid coverage.

Florida’s Partnership Program is synonymous with the “buy one, take one” promo which malls regularly offer, only the freebie that the insured gets, which in this case is Medicaid, is not in any way slightly damaged or defective. He will be able to receive the quality of care which is required by his health condition and recommended in writing by his physician.

It’s given that standard LTCI policies are pricey but Floridians should not use that as reason to deprive themselves of a good coverage or else they will be subjected to the high cost of care which can wipe out their assets in just a year’s time.

Take time to study the requirements for a Florida Partnership LTCI policy as each state implements a different set of rules. According to the state’s Agency for Health Care Administration, an LTCI policy will be certified under the Partnership Program if it is tax-qualified, it provides a level of inflation protection and most of all if it provides a dollar-for-dollar asset protection.

If you want to learn more about the Florida long term care Partnership Program contact your trusted LTCI specialist. It’s not always the money that you put into a policy that counts, it’s more about knowing what you need.

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