LONG TERM CARE INSURANCE

PARTNERSHIP BENEFITS

When you think about long term care, it’s always good to have private coverage than to have none at all. Among many types of policies being offered now in the market, Infolongtermcare.org - long term care insurance partnership policy is the one that has some real attractive benefits among buyers.

Besides the complete long term care coverage a person gets, he or she can also have what is called the “dollar-for-dollar” benefit. In this feature, the insured can apply for Medicaid benefits and keep the same amount of assets as what has been paid by his insurance company from his policy. This means that the policy has asset protection from Medicaid in case you ever need to apply for it when you’ve used up all your policy’s benefits.

Only long term care insurance partnership policies have this Medicaid Asset Protection feature that’s why a lot of buyers are looking into it. It also offers a “reciprocity” feature that allows policyholders to use their plan even if they move to a new state as long as that state also has a partnership program.

Here’s an example of a scenario of a 37-year old woman who bought a partnership program policy. She has a maximum benefit amount of $200,000 and made sure that it had a minimum daily benefit of $200. It also has a 3-year minimum benefit period and a 5% compound annual inflation protection so that it will qualify for the partnership program.

Thirty years later at the age of 67, the woman suffered a bad fall that eventually led to a weak state of health. She needed skilled care in a nursing home. Because of the expensive costs of a private nursing home room, all her private insurance benefits were used up before she can even reach the third year.

Fortunately, when she got the long term care insurance partnership policy, she also had the benefit of applying for Medicaid help without spending down her savings and assets just to qualify. In this case, she can apply for Medicaid assistance and keep an equivalent $200,000, as this is the total amount of benefits that she has received from her long term care insurance partnership policy.