Partnership Long Term Care Insurance Makes It Possible
If you dread the cost of long term care insurance, perhaps you should look into partnership long term care insurance policies that offer big savings on annual premiums.
The partnership program was, after all, designed for people who cannot afford the high premium of a standard long term care insurance (LTCI) policy. You can purchase a partnership qualified LTCI policy with a benefit period of three years and save yourself a lot of money, as this will dramatically cut down your annual premium.
In case your insurance benefits turn out to be insufficient for your long term care (LTC) needs you may apply for Medicaid assistance without spending down your assets.
LTCI policies under the partnership program entitle policyholders to keep a portion, or an amount of their assets that is equivalent to their policys maximum benefit amount should they apply for Medicaid assistance after having exhausted their benefits.
Without a partnership qualified LTCI policy an individual will have to spend down his assets up to Medicaids required asset limit before he can apply and receive coverage. Since policyholders of partnership qualified LTCI policies are entitled to keep a greater amount of their assets, they will be able to pass these on to their heirs once they die.
More Gains from Partnership Long Term Care Insurance
Aside from gaining eligibility for Medicaid without having to spend down your assets and saving a chunk of money on the annual premium, there are other perks that come with a partnership LTCI policy.
You can expect your insurance benefits to double in just a period of 14 years because all partnership certified LTCI policies issue an inflation protection, which corresponds to the age of the policyholder at the time he purchased his insurance.
Policyholders who were younger than 61 years old at the time of their LTCI application are required to have a compound annual inflation protection. Those who were between 61 and 74 should have some level of inflation protection while individuals who were 75 and older at the time they applied are not required to get any form of inflation protection.
Apart from those mentioned benefits, anybody who is armed with a partnership LTCI policy can also choose to retire in any state that participates in the reciprocity agreement of the partnership program. This agreement allows the policyholder to receive asset protection in his or her new state of residence should she decide to apply for Medicaid assistance in the future.
Even though practically all states offer the partnership program, not every one of them participates in the reciprocity agreement so if youre contemplating moving to another state upon retirement just see to it that the place youre moving to is not exempted from the partnership programs reciprocity agreement.
Partnership long term care insurance policies are just among the options that you can look into. You are free to check out the offerings of other LTCI products but if youre planning your future healthcare on a budget then this product will definitely protect your finances.
The partnership program was, after all, designed for people who cannot afford the high premium of a standard long term care insurance (LTCI) policy. You can purchase a partnership qualified LTCI policy with a benefit period of three years and save yourself a lot of money, as this will dramatically cut down your annual premium.
In case your insurance benefits turn out to be insufficient for your long term care (LTC) needs you may apply for Medicaid assistance without spending down your assets.
LTCI policies under the partnership program entitle policyholders to keep a portion, or an amount of their assets that is equivalent to their policys maximum benefit amount should they apply for Medicaid assistance after having exhausted their benefits.
Without a partnership qualified LTCI policy an individual will have to spend down his assets up to Medicaids required asset limit before he can apply and receive coverage. Since policyholders of partnership qualified LTCI policies are entitled to keep a greater amount of their assets, they will be able to pass these on to their heirs once they die.
More Gains from Partnership Long Term Care Insurance
Aside from gaining eligibility for Medicaid without having to spend down your assets and saving a chunk of money on the annual premium, there are other perks that come with a partnership LTCI policy.
You can expect your insurance benefits to double in just a period of 14 years because all partnership certified LTCI policies issue an inflation protection, which corresponds to the age of the policyholder at the time he purchased his insurance.
Policyholders who were younger than 61 years old at the time of their LTCI application are required to have a compound annual inflation protection. Those who were between 61 and 74 should have some level of inflation protection while individuals who were 75 and older at the time they applied are not required to get any form of inflation protection.
Apart from those mentioned benefits, anybody who is armed with a partnership LTCI policy can also choose to retire in any state that participates in the reciprocity agreement of the partnership program. This agreement allows the policyholder to receive asset protection in his or her new state of residence should she decide to apply for Medicaid assistance in the future.
Even though practically all states offer the partnership program, not every one of them participates in the reciprocity agreement so if youre contemplating moving to another state upon retirement just see to it that the place youre moving to is not exempted from the partnership programs reciprocity agreement.
Partnership long term care insurance policies are just among the options that you can look into. You are free to check out the offerings of other LTCI products but if youre planning your future healthcare on a budget then this product will definitely protect your finances.
