Partnership Policy: Collaboration between Long Term Care Companies and the Government

Medicaid is a program set by the government that specifically tackles and provides long term care needs. However, this program has an asset level requirement that is quite low. This means that your assets have to be nearly exhausted to qualify. The tendency is for you to spend down in order to be given benefits. That was the case until the government started pairing up with long term care companies.

This collaboration between the government and the different private insurance providers paved the way for a new type of long term care insurance—the partnership policy. If you sign up for this, you can protect your assets and still qualify for Medicaid.

 

Before partnership policies came into picture, buyers of long term care insurance were to choose between a reimbursement policy and an indemnity policy.

 

In a reimbursement policy, the insurer will pay off the exact amount that you have incurred for care and expenses. What remains of your maximum benefit will be returned to your pool to be used for other claims in the future. Meanwhile, an indemnity policy pays off your maximum benefit regardless of the actual amount of your expenses. You can use what remains of your benefits any way you want.

 

Back then, most people would opt for the indemnity policy, however, this type costs more than a reimbursement policy. Those with financial limitations have no choice but to purchase a reimbursement policy with the thinking that at least, they were covered with insurance.

 

But with the onset of partnership policy, people are given more options; thanks to the tie-up between long term care companies and the government.

 

Partnership policy originated in 4 states—California, Connecticut, Indiana and New York, but due to the Deficit Reduction Act of 2005, this type of policy has been made available in all 50 states.

 

Basically, you need to reside in the state where you wish to receive care in order to qualify. Furthermore, your policy needs to be protected against inflation, too. Most policies have this feature so this requirement is not hard to meet.

 

Medicaid Asset Protection is the main feature of a partnership policy. It provides a shield to a portion of your asset that amounts to your total benefits. Say your policy’s maximum benefit is at $300,000, in effect, it protects $300,000 worth of your assets against Medicaid’s asset boundaries. You can be qualified to claim Medicaid benefits after you have utilized your policy’s benefits.

 

A partnership policy offers a win-win solution when it comes to getting covered for long term care. First, you get the benefits that a traditional policy has. More so, you would not be anxious should you need more care after you have claimed your benefits as you can still be covered with Medicaid. Most importantly, you get to preserve your assets. Assets that you toiled for and intend to pass on to your loved ones or heirs.

 

Long term care is a national issue that needs to be dealt with. It’s good to know that it is being addressed with the best efforts. Though there’s still room to improve when it comes to this issue, this tie-up between long term care companies and the government can be considered as a good start.

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How to evaluate a long-term care facility for you or a loved one

When there is a need to move family members or loved ones into a long-term care facility, the first challenge we face is choosing the right facility. The usual procedure when choosing a long-term care facility is to check which among the different settings will suit the needs of our loved ones, the next is visiting the facility to make sure that the residents there are well taken cared of. However the biggest challenge that we face is convincing our loved ones to move out of their homes and move into a long-term care facility. It takes enormous effort to be able to convince them because a lot of long-term care recipients dealt with anxiety due to uncertainty with living conditions there.

Sources:

http://www.infolongtermcare.org/ease-the-transition-from-home-to-ltc-facility/

http://www.kiplinger.com/article/insurance/T013-C000-S002-choose-the-right-long-term-care-facility.html

Do The Right Thing Insurance

Comfortable, home-like living spaces, services & amenities (including wifi) are among the most important things to consider. What type of training for cleanliness and reduced exposure to infection is provided to staff? Is the staff helpful, friendly and caring?

This brief article/survey makes some valid points for us to think about and is worth the read.

Click here for the brief.

Nurse Aid

If you find my information helpful, I would appreciate you spreading the word by liking, commenting and sharing this with your friends and/or coworkers.

I will also help review your life insurance policy in any state of the US…see below.

Are you paying too much for your life insurance? Have you had your life insurance checked up? Please click here – this site is a must see.

I would graciously appreciate your liking and sharing my Facebook page.

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Families providing care

When it comes to caregiving, it is always our first choice to rely on family members to provide care for us. Whenever the need for long-term care arises, infolongtermcare.org notes that American families prefer family and home caregiver rather than sending loved ones to long-term care facilities. According to Department of Health and Human Services, there are more than 65.7 million Americans providing care for an aging, ill or disables loved ones. Most of those involved are adult children who feel the need to give back to their parents who raised them, and one of things they can do to show their love is to show their sincere concern by personally providing the care they needed.

Daniel G. Alcorn (518) 346-2115

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39% of U.S. adults care for someone with significant health issues, up from 30% in 2010.

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Finding the Best Long Term Care Insurance

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Acquiring the best long term care insurance depends on the personal need of the people who want to purchase it. There are different long term care insurance policies and each and every one of them could be changed according to the needs of the person. Say you have a good health state and are well fitted but it is in your family lineage to have heart disease then you probably will need long term care in the future.

 

Investing in long term care insurance would be good for you so in case the heart disease strikes you, you will be ready and you will not have any more additional problems, regarding your health concerns, apart from the sickness you have. You will have the budget to get long term care that you need because your insurance will cover the expenses. You could also have your regular check-ups, support and assistance because it is included in your long term care insurance policy.

 

Since the policy could be modified to cater to your needs, you could also indicate in the long term care insurance policy how long you want to receive your long term care. You could specify the duration of time that you will need long term care. It will shorten the period of your long term care compared to receiving it the rest of your life after retirement age, but it lessens the expenses that you will have to pay for the long term care. If it seems that you will not need long term care that much, you could limit the long term care you purchase and make do without it for the other times. Remember that long term care is for assistance and treatment, and if you could perform tasks a little better after, or have someone else to help you without paying them, you could opt not to have it anymore.

 

Next is you also have to take note at what age you will have to start paying for the long term care insurance that you want. You could start surveying at a very early age but if you try to purchase one, some insurers might turn you down. It is because you have to qualify in the health requirements of long term care insurance. The insurer should be aware of you and your family’s medical history and your lifestyle which could affect your health as you grow older. You could read up or ask an agent regarding the matters of their long term care insurance and what qualifications they have.

 

In purchasing long term care insurance, the policies should not be compared to other people. Every person has different health state, lifestyle, medical background, and history of illnesses in their family, if there is any. Every person has different needs and each will be attended to differently as well. In getting the best long term care insurance there is, you always have to think of yourself, your needs, your health state, your lifestyle, and the budget that you have in buying the long term care insurance. Knowing what you need will limit the expenses and will allow you to save more and avoid spending on what you don’t really need.

 

References:

http://www.aaltci.org/long-term-care-insurance/learning-center/best-age-to-buy-long-term-care-insurance.php/

http://www.infolongtermcare.org/long-term-care-insurance-information/

http://www.rd.com/health/wellness/understand-your-genetic-heart-disease-factors/

Help! My LTC Insurance Premium Is Going Up

panicking

 

One of the challenges faced by long-term care insurance policy holder is the increase in ltci rates. A lot of people are on the verge of cancelling their policy because they think they can no longer afford it. However, cancelling your policy is a waste of money, and knowing that there is a great chance that you will be needing long-term care sooner or later, it can cost you your lifetime savings. There are ways on how to deal with climbing long-term care insurance rate rather than cancel you policies. Also, cancelling your policy and getting a new one could mean higher premiums because your age is a factor that affects the cost of ltci. You may opt to deal with the increase, you could either shorten your benefit period, lessen your daily benefit, lower the inflation rate or  take advantage of shared care rider if you have a spouse. In the end, keeping your ltci policy will still be worth it

The Long Term Care Guy Blog

Inflation, you can’t live with it, and economists say we can’t live without it.  But when you get a letter telling you that the cost of something you are paying for is going up, it’s not a pleasant experience.

There are several things you can do to mitigate a price increase on your LTC insurance policy, but lets first look at why it is going up.  The early policies, from the 80’s and 90’s were offered while this industry was in its infancy.  The insurance companies made several mistakes.  One in your favor is that the companies have learned that couples (who love each other) will take care of each other longer before calling in the hired help.  Thus couples discounts are larger now than they used to be.

One assumption that turned out to be incorrect was that over time, the insurance companies thought some percentage of people would simply drop…

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Why Long Term Care Insurance Information is Important for You to Know

long term care

Nowadays, long term care insurance (LTCI) is definitely more costly than any other kinds of insurance. Thus, not everyone can afford getting it. Knowing some long term care insurance information might help you if you are really interested in getting a policy.

When you are young and you are interested in LTCI for your future needs, now is the best time to purchase a policy. This is because when the person is young the probability of him/her getting into a critical health condition or serious disease that will need long term care is in very low percentage. Consequently, it will be a lower annual premium for the person.

during the later years of your life is highly discouraged. Approval from your insurance company for your coverage will not be easy by then. The insurer needs to check first that you are physically and mentally healthy at the time of your purchase before it gives you complete long term care coverage.

Insurers based premiums on the age of the policyholders. In other words, age plays an important factor in determining how much your premium will be. The good news is that some companies give really good discounts. This is especially when you intended to get a policy not only for yourself but for your other family members. However, you really need to study their offer and how it will work for you. Reviewing long term care insurance information you know and their policy they presented you will really matter.

LTCI is an investment everyone is suggested to have. No one knows what will happen in the future and it is best that you are prepared for it. On the other hand, one should check his/her financial capabilities first before going into this policy. You definitely want to make an assurance that it will not cause you trouble with your finances later on.

It is best to assess one’s savings and assets first before making a decision to purchase a policy.  Keep in mind that basic necessities such as food, water, clothing and housing are vital in one’s life and these things should be in one’s main priorities. However, if you think you can afford to pay the premium on a monthly or annual basis and still not getting into trouble with your budget, then you can go on.

LTCI is for security purposes and something to lean on during the later years in one’s life. Preparing to invest for it during at the young age will be an ideal way to do since the premium is much lower.  Having LTCI policy will surely make your life much easier during the later years of your life when your ability to take care of yourself is not the same as before. This is a good way to grow old as you know that you can rely on to something when the tough gets going. If this triggers you to get a policy, it is better to acquaint yourself with relavant long term care insurance information first.

Are those who do not buy long term care insurance psychic?

Aging is inevitable and longevity is an unforeseen circumstance, so no one really knows how long we are going to live. With the crisis on aging, there is a greater risk that we will be needing long-term care at one point in our lives. We often ignore this issue and hoped that we will stay healthy and will not be needing ltc services for the rest of our lives so we would have something – perhaps an amount of money to family. But what if the need arrives sooner that we expected? Are we prepared for the consequences – financial and emotional devastation? There is no use saving all those money if we will end up drained by paying care out of pocket. The cost of long-term care can deplete a modest amount of savings or even your lifetime savings. So be sure to plan early and wisely, consider long-term care insurance as a secure back up plan.

Guide to Long-Term Care blog

People who do not buy long term care insurance must be psychic because they act with the certainty of knowing in the future “it won’t happen to them.”

What do you want your lifestyle be like when you are elderly and need care?
Are you deciding the fate of your estate based on facts or wishfull thinking?

Nursing home

When asked where do they want their “estate” assets to go to people almost always say to their heirs.  But the reality they are ignoring is that 90% of estates will be spent in this order*:
1. Nursing home
2. IRS
3. Children
4. Grandchildren
5. Charity

Even in light of the above probability for their estate plus the fact that the US DHHS (Medicare/Medicaid) statistics show that 70% of us will need long term care, and insurance claims show that 72% of women will need care, people are still clinging to the idea that they do not need insurance. Have you ever seen…

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How A Life Insurance Policy Can Fund Your LTC

When the need for long-term care suddenly arise, we are faced with the dilemma on how to finance it’s cost and how to deal with it emotionally. A fact that most people are not well-informed is that they can use their life insurance to fund long-term care expenses. Life insurance is considered an asset, therefore, instead of ignoring its value, we must keep in mind that this asset plays an important role in helping us sustain our loved one well being by financing long-term care expenses. Current cost of care can drain lifetime savings, even if you have ample amount of savings. The product itself will continue to evolve in order to meet the the demands of the increasing number of people needing care.

Longtermcareinsurancescottsdale's Blog

The costs of long-term care are increasing every year, but most families do not understand what they will be confronting when it is their time to start paying for care. Too many people wait until they are in the midst of a crisis situation before they start trying to figure out how the world of long-term care works.

Most people want to remain financially independent and in control of their care decisions for as long as possible. People do not want to go onto Medicaid, yet consumers lack awareness and are unprepared for how they are going to cover the costs of Home Care, Assisted Living, Skilled Nursing Care, or Hospice. It is a subject typically ignored until a loved one is in immediate need of care.

There are ways to help people find solutions to their long-term care needs and problems. The best way to get help is to…

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Why you should care about long-term care insurance

Ignoring the importance of long-term care insurance may result to financial, physical and emotional devastation for you and your loved ones. Although a hot topic, a lot of people finds it unpleasant to discuss ltc especially with family members, when in fact, they plan on relying to families when the need for long-term care arises. If you are at risk of needing ltc services, planning is your best course of action, it only not secures financing future ltc needs, it also provides us with peace of mind that we will be given quality care when we need it, where we need it. Supposed you are afflicted with chronic illness and you need assistance in performing the activities of daily living, long-term care insurance is the best option you have. Ltci may not be able to take away the illness, but it can take away your worries.

Securing the Future

Preparing for one’s future is a responsibility that must not be ignored. While younger generations save up for a house or trip abroad, those in the prime of their lives should prepare for the inevitable day when they’re too old to take care of themselves. It would be a wise decision for anyone to invest in long-term care insurance.

Image Source: gaudette-insurance.com

Long-term care is a type of insurance that extends to services not usually covered by standard health insurance. It is generally acquired by people who are not sick yet are incapable of performing daily activities. It covers facilities for home care, adult daycare, assisted living, or nursing homes.

Benefits of long-term care insurance

Long-term care insurance pays for a private nurse or caregiver. Depending on the terms of the insurance, the person can have round-the-clock attention or only during certain periods of the day. The attendant helps the…

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Get Your Money’s Worth with Top Rated Long Term Care Insurance Companies

ltc

There was a period in time where in the soda industry had a long time feud and people managed to get debates and almost the whole America was in on the trend. Why so much fuss over soda? No pun intended but simply because they were big names with established reputations. Regarding reputation and establishment, the same can be said about the top rated long term care insurance companies.

But why start this all off with this soda analogy? Simply because these two sodas or colas had been around for over fifty years in the market and have remained strong and have even reached other countries all over the world. The point is that an established name can go so far. Having established a long time ago is one thing but keeping established is what really makes them stand out from others.

To keep track with the soda analogy and relate it with long term care (LTC) and long term care insurance (LTCI) is a question of why bother with sodas when you can go for other beverages like juice, tea or coffee?  The answer would be to find the need for satisfaction. Different products lead to other forms of satisfaction but satisfaction itself has different categories. You just need the right drink to be quenched.

So why move from sodas to tea or coffee, simply because there is Medicaid and Medicare. Why would you need LTCI when Medicaid and Medicare are free? Two things will answer that and first would be the requirements followed by, and second, kinds of benefits. Medicaid offers free coverage for getting hospitalized but part of the requirements need the applicant to spend down assets and be declared as a person with disability. Not a convenient set of requirements if you ask anybody living within middle class. The requirements are difficult but the benefits are worse and have been observed underfunded.

On the other hand with Medicare, it can only give twenty days for full coverage but from day twenty one until the hundredth day, co-pay will be required. These circumstances will never occur with the top rated long term care insurance companies. LTCI ensures that insurance holders get nothing but top notch health care in terms of facilities as well as the people who would provide the services.

LTCI is known to be very flexible to adjust to the needs of the insurance holder and can also be used as an in house health care plan so you can avoid having to go to nursing homes and have everything setup for you at home. With LTCI, you wouldn’t have to bother with having to travel to get to nursing facilities for therapy sessions or treatments and these can all be brought to your house depending on the contract that you would be signing up for. People find this feature most convenient.

In closing, LTCI is not just a fancier version of custodial care. It offers more than both Medicaid and Medicare and it ensures that you get your hard earned money’s worth. You can definitely relax with what you can get from LTCI. Be sure to check out the top rated long term care insurance companies in your state for that feeling of ease and assurance during your retirement years.