Maximize Coverage From A Partnership Ltci Policy

By Author: Georgina Thorne
Total Articles: 14
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Although the newest to join the list of long term care insurance (LTCI) products, policies under the Partnership Long Term Care Insurance Program are worth looking into because apart from huge premium savings these also allow maximized coverage.

Before private insurance companies and government agencies collaborated to form the Partnership LTCI Program, which aims to get people to plan their long term care (LTC) at a price that they can afford, the public only had reimbursement and indemnity LTCI policies to choose from. So it was like choosing between hot and cold or black and white only.

These days, everyone can opt just for the right amount of LTCI coverage through a Partnership qualified policy, and should they need ongoing care later on they will be eligible for Medicaid.

You read that correctly. Medicaid is part and parcel of a Partnership LTCI policy as this product is primarily intended for individuals whose budget wouldn’t allow them to secure a policy with a long benefit period and a high ...
... maximum benefit amount.

Aside from providing affordable coverage, the Partnership Program is also beneficial to the Medicaid program because the need for it can now be deferred. This will then allow the said health insurance program ample time to recover from the hundreds of billions of dollars it has spent on the nation’s LTC.

Owners of Partnership LTCI policies do not have to comply with Medicaid’s spend-down rule before they can apply for coverage. This is because of the fact that policies that comply with the rules of the Partnership Program feature the Medicaid asset protection. This means for every dollar that a person’s policy pays out to him in benefits, a dollar of his assets shall be protected or disregarded.

For example, an individual who has received a total of $225,000 in benefits from his Partnership LTCI policy can protect his assets with a total amount equivalent to the benefits that he has received from his policy when he applies for Medicaid to receive ongoing care.

Other Advantages of Partnership Long Term Care Insurance

Aside from qualifying for Medicaid LTC privileges, an individual who owns a Partnership LTCI policy can choose his place of retirement someday since all U.S. states participating in the Partnership Program have been instructed by the Deficit Reduction Act of 2005 to come up with a reciprocity agreement that will allow individuals holding a Partnership qualified policy to receive the same amount of benefits and asset protection regardless of where they purchased their coverage.

If you are in the process of shopping for a Partnership long term care insurance policy, it would be best if you asked a licensed LTCI specialist to assist you because there are important requirements that you have to meet lest you don’t qualify for the Program’s offered benefits.

You can ask family members and friends for referrals or you can contact the State Insurance Department to get a complete list of LTCI firms that are authorized to sell Partnership LTCI policies.

Take advantage of the freebies we give to our customers such as long term care insurance costs and long term care quote.