One of these incentive is what’s known as the “asset protection” feature. This is not found in other traditional long term care insurance plans and is aimed at giving the insured the chance to protect his savings and assets if ever he uses up all the benefits of hi partnership policy and applies for Medicaid.
Through the partnership program, the insured would still manage to keep his savings and assets equivalent to the total benefits paid for by the partnership plan because Medicaid will exclude these from their eligibility criteria.
In normal procedures, a person will only be qualified to receive Medicaid if he or she is legally destitute and only has an income of not more than $2,000. Though different states run their different Medicaid programs and have their own eligibility rules, most require this specific income bracket as an important factor to determine one’s eligibility to receive cash assistance.
Another long term care insurance partnership feature is the “reciprocity” of each policy. This means that if the insured ever needed long term care services and decided to move into a new state or city, he or she can still use his partnership policy. This is of course if that state also runs their own Medicaid program, which most states do anyway.
If you would like to get private long term care coverage but have always thought that the premium rates are too costly for you to afford, a partnership policy might just be the right plan for you. It offers complete and useful benefits at affordable premium rates for interested buyers.
The long term care insurance partnership program hopes to encourage more people to set out a plan for their own long term care coverage and not just depend on family members of the government’s public health care programs for handouts. By doing so, people are not only helping themselves secure a better health care in the future, but also they are helping the government alleviate the expensive costs of long term care services off of Medicaid’s shoulders and allowing it to redirect its funds to other areas of health care needs in the country.
