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While there are various long term care insurance policies that offer features to put your life in the most comfortable state, not all of these will protect your assets. When you’re out scouting for the ideal long term care insurance partnership programs will be something you would like to look into. This type of LTCI policy kicked off in four states namely California, Connecticut, Indiana, and New York. After the Deficit Reduction Act (DRA) was signed into law in 2005, other states proceeded to regulate their Medicaid programs in conformity with the new LTCI program. This kind of long term care insurance partnership with Medicaid promises a future for policyholders which those who choose other types of LTCI will never get to experience. Why and how’s that? The long term care insurance partnership with Medicaid allows its policyholders to qualify for Medicaid assistance after they have exhausted their policy benefits, and would still need to receive skilled or non-skilled care giving series. In the law, only people who have assets totaling to $2,000 or less can be eligible for Medicaid. This is tantamount to saying that only people who can no longer buy their own meals and keep a roof over their heads can entrust their long term care expenses to Medicaid. If you so happen to have real estate properties for rent, breeding livestock, working animals, stocks, bonds, and the like, you will be required to spend down all of these until your assets have reached Medicaid’s requirement. If you refuse to do so, you are left with no other option but to pay out-of-pocket. Others can get away with paying out from their pockets if they’re going to need further long term care for an additional two or three months only. However expecting LTC services for the next three years or four, and you’ve practically used up all your policy benefits down to the last penny will dry up your resources in no time. Save yourself from going bankrupt and protect the assets which you’ve worked hard to accumulate working day and night. This is possible, assess your options in the insurance market while it’s early and weigh the pros and cons you can face with each type of LTC insurance policy. If your family has a history in any debilitating illness such as Alzheimer’s, cancer, diabetes, or any heart ailment, it would be best to consider a partnership LTCI policy. Though choosing the standard LTCI policy has its advantages, too, you’ll be spending more on annual premium if you choose a five-year benefit period or so just to be sure that your LTC needs will be completely covered. With the former, you can have your policy cover a two-year benefit period only then should you need further LTC services later on, you can apply for Medicaid and there’s no doubt you’ll be eligible because your type of policy says so. Some partnership LTCI programs offer lifetime asset protection while there are others that carry the “asset disregard” feature. It would really depend on the guidelines imposed by the insurance department of your state of residence. Get information about long term care insurance partnership available in your state. Learn tips on how to minimize your long term care insurance premiums.
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