A Long Term Partnership to the saving of Medicaid

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Long Term Care guarnatee Partnership Plans to the saving of Partners

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How is A Long Term Partnership to the saving of Medicaid

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What would happen financially to your spouse or your partner if financially if you were to need long term care? Medicare and underground health guarnatee do not pay for your custodial care. And Medicaid requires you to spend down to 00 in assets to qualify for services. How would your healthy partner survive while retirement? If your nest egg is 0,000 and your partner requires 5 years of care, all of your money may be depleted.

The saving grace of long term care partnership plans.

But there is an easy fix for this problem. Most states have enacted legislation to help safe assets if long term care is needed, and to encourage state residents to plan for their care.

A State-qualified long-term care guarnatee partnership procedure is offered straight through a partnership of your State government and underground guarnatee companies. A Ltc partnership procedure will allow a policyholder to preserve assets dollar-for-dollar equal to the guarnatee benefits paid out should an personel ever need to apply for Medicaid relief. Thus, should you exhaust your guarnatee benefits, Medicaid will disregard for eligibility purposes your personal assets equal to the number of benefits received.

Here's an example. Jim and Sandra have assets totaling 0,000. Jim and Sandra buy a shared long term care guarnatee procedure with a 00 month advantage and a 6 year advantage period. The procedure has a total advantage of 0,000. Jim is diagnosed with Parkinson's and needs long term care. The procedure pays out benefits of 0,000. Normally, if Jim and Sandra were to apply for Medicaid relief she would need to spend assets down to 00. With a Partnership long term care guarnatee policy, Jim and Sandra and Jim now only have to spend assets down to 2,000. 00 plus the number of assets equal to the guarnatee benefits received by Jim.

Thus, Jim and Sandra get to shield the seclusion nest egg from being exposed, and Sandra's seclusion is saved.

Why are Ltc guarnatee partnership plans made available?

Partnership plans were introduced in four states: California, Connecticut, Indiana and New York in the 1980s as an incentive for Americans to purchase long term care insurance, and to decrease the burden on state Medicaid coffers. Today, the majority of States have enacted Ltc partnership programs. Not every procedure offered in the marketplace is a Partnership plan. Also, depending upon your age at issue to ensure that your procedure is eligible for Partnership benefits it must contain some form of self-operating inflation protection. Many group Ltc guarnatee plans do not offer self-operating inflation protection and will not qualify for asset protection under your state long term care partnership program.

At Ltc Partner, we think that Partnership plans are a great incentive to purchase Ltc insurance. If you need care, you can feel gain knowing that your guarnatee procedure will allow you to stay at home and receive care with dignity. But, should you spend straight through the benefits of your policy, you can feel best knowing that a quantum of your seclusion nest egg will be shielded from the Medicaid estate saving and your spouse or partner will not be impoverished.

Comparing your long term care guarnatee choices and options may be daunting for you. But, we are specialists and will help you straight through the maze that is Ltc insurance. Plainly go to Ltc Partner to get started or call us direct at 1-800-891-5824 and find out what the best options are for you.

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