|
Long term care policies are like designer clothes and shoes, costly yet definitely a good investment. However the similarity between these commodities, not everybody can buy long term care policies unlike designer stuff that only requires a huge lump sum equivalent to their monthly salary. Aside from having a properly maintained nest egg, for people to afford long term care policies they must have liquid assets at hand. By assets we’re talking about rental properties, stocks and bonds, mutual funds, working animals such as horses, livestock, life insurance with a value of $1,500 at the least, and the like. These assets matter in long term care policies especially if you’re looking into the Partnership LTCI Program. Although insurance companies are regulated by the state’s department of insurance and thus carry different guidelines when it comes to the issuance of long term care insurance, they comply with one principle – protect the assets of the policyholder. Choosing the Partnership LTCI Program entitles a policyholder to qualify for Medicaid without spending down his assets. In the law, only individuals whose assets are not exceeding $2,000 can be eligible for Medicaid assistance. Simply put, only those who can no longer afford to buy their own food and pay their mortgage will be shouldered by Medicaid. If you have been working since the age of 18 and have managed to accumulate a good sum of assets such as those stated above, are you just going to throw all of them up in the air just so you would qualify for Medicaid? Of course, you won’t. Under the Partnership LTCI Program, a policyholder has the privilege to keep his assets totaling to the amount of his maximum benefit as stipulated on his LTCI policy. After you have exhausted the total amount of your maximum benefit and still require long term care, you can apply for Medicaid. Whether you receive additional long term care at home, in an assisted living facility or in a nursing home, rest assured Medicaid will cover all of the expenses that you will incur. If you’re wondering what the role of your assets is going to be should you decide to secure another LTCI policy instead of the partnership program, the answer is BIG. Nobody will ever know up to what extent he or she will need long term care. If let’s say you availed the reimbursement policy or the indemnity policy instead of the partnership program, you will not automatically qualify for Medicaid assistance should you need it afterwards. Once you have exhausted your reimbursement or indemnity policy’s maximum benefit, but still require long term care, you will have to pay for it out-of-pocket. At least with available liquid assets, you’ll have a sense of security. You know in your heart that you won’t be caught dead on the streets. Besides, all of us would want to age gracefully, with dignity and pride. We didn’t spend more than half of our lives working and saving big time just so others can look down their noses at us. Plan your future health and educate yourself about the different types of long term care policies. To get more details on the provisions of CLASS Act, visit CompleteLongTermCare.com.
Related Articles -
long term care insurance, long term care policies,
| 
