Acquire Financial Help From Ltci Partnership Programs
Ten years from now the nursing home population is projected to have four million residents as the first batch of baby boomers turns 75 years old
. Unfortunately, only 10 million elderly folks have responsibly secured a good plan for their future such as a long term care insurance partnership policy.
As a person gets older, the less likely he would anticipate the advantages of a long term care insurance (LTCI) policy because his positiveness is usually overpowered by the fear of paying a very high annual premium.
This really shouldnt be the case had he planned his future healthcare early. Since its impossible to go back in time and dwelling on what he should have done is a waste of time, an uninsured individual who still wishes to secure a good plan for his future can look into partnership LTCI policies.
By purchasing a policy which complies with the partnership program, a person can save a chunk on his annual premium because he can settle for a short benefit period. Most policyholders who purchased LTCI policies later in their lives find their annual premiums excruciating to their finances because they went for longer benefit periods.
Younger LTCI buyers can opt for a longer benefit period as they wont be challenged by costly premiums, but if you buy a policy when youre past the age of 50 you have to think of creative ways that will help you save on the annual premium.
Buying a policy with a short benefit period and a low maximum benefit amount will no doubt guarantee huge savings.
Long Term Care Insurance Partnership Programs
Unlike other types of LTCI policies that require people to use their own resources should they need further care after having used up their benefits, a partnership LTCI policy provides easy access to Medicaid.
Those who own LTCI policies that comply with the rules of the partnership program can apply for Medicaid without spending down their assets in case they would require additional care after having exhausted their policys benefits.
This is a privilege which is exclusive to policyholders of a partnership LTCI policy because other types of LTCI policies do not feature dollar-for-dollar asset protection. All partnership qualified policies carry this asset disregard feature which allows policyholders to keep the total amount of their assets that is equivalent to their insurance benefits should they need Medicaid in the future for supplemental care.
For example, your partnership certified LTCI policy stipulates a maximum benefit amount of $250,000 for a three-year benefit period. After three years you have exhausted your benefits already but since your doctor said your condition requires you to remain in a nursing home you can apply for Medicaid to receive further care, and your assets that amount to $250,000 shall be automatically exempted from Medicaids spend-down rule.
Look into the financial assistance offered by long term care insurance partnership programs as this will not only be beneficial for your personal healthcare needs but for your familys future, as well.
by: Julienne Howard
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