Article published by : hellisi on Tuesday, August 14, 2012 - Viewed 896 times


Category : Insurance

Supplemental Coverage from Partnership Long Term Care Insurance

Through the Partnership Long Term Care Insurance Program, a joint endeavor between insurance companies in long term care partnership states and government agencies that are advocating for a better long term care (LTC) system, everybody in the country now has the opportunity to obtain coverage without going beyond his budget limits.

Most long term care insurance (LTCI) policies will entail buyers to estimate their maximum benefit amount and coverage period carefully because the moment that they run short of these, they cannot expect insurance companies to provide them with additional coverage.

Now with a Partnership qualified LTCI policy the insured person may qualify for supplemental Medicaid coverage should he require ongoing care in a nursing facility, in his own home, or in another kind of LTC setting that is beyond the scope of his coverage. He can apply for Medicaid- assisted coverage without spending down his assets and without complying with the income ceiling that is being observed in his state of residence.

Owners of Partnership qualified LTCI policies are entitled to a special privilege known as the Medicaid asset protection. This means an individual with such coverage can apply for Medicaid to receive further care and protect a dollar of his assets that is equivalent to the dollar of benefits that he has received from his policy.

The said Program, however, does not guarantee everybody with Partnership policies of instant Medicaid coverage. Medicaid will still have to go over the financial background of each applicant before they can determine his eligibility for Medicaid-assisted coverage.

Guidelines of Long Term Care Partnership States

Contrary to popular belief, a Partnership LTCI policy will not cost more in premium because it offers a special featured tagged as the Medicaid asset protection. As a matter of fact, buying this type of policy can guarantee more savings.

You can save more bucks with a Partnership qualified policy because you can cut back on your maximum daily benefit amount and thus save on your annual premium. If you end up exhausting your benefits before reaching the end of your coverage period you can apply for Medicaid while protecting a portion of your assets.

Medicaid, a federal and state regulated health insurance program, was created to provide health care coverage to poor individuals and families, particularly those who have a total annual income not more than $30,000.

Before middle-class Americans can apply for Medicaid coverage they shall be required to spend down their assets and meet the program’s income guidelines. However, holders of Partnership LTCI policies are not covered by this rule.

What buyers of Partnership policies should look closely into are the guidelines of all long term care partnership states because if they fail to comply with these, they will not be able to receive their benefits nor will they be eligible to apply for Medicaid-assisted coverage.

Partnership policies should be tax qualified and should provide a certain level of inflation protection. For more information about the Partnership Program, contact your trusted LTCI agent.


Keywords: what is long term care insurance, long term care planning

By: hellisi

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Article ID 1002410 (Views 896)

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