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Have you heard stories of married couples resorting to divorce just so one can experience quality care by becoming indigent and thus qualifying for Medicaid assistance? I thought such stories are only for the silver screen made up by some insurance agent who’s been egging a potential client on clinching an Illinois long term care partnership policy. Unfortunately, there are documents to prove the existence of these couples who decided to end their blissful marriage after one of them required long term care. Based on their stories, in the beginning it was fairly easy to pay $15 an hour for a home health aide who came in daily to assist the wife or husband in his activities of daily living. It was barely a year though when they started losing their assets as their spouses had to be admitted into nursing homes which cost $63,875 annually in Illinois. When they only had a few thousand dollars left in savings that’s when they realized that they have to look for a way out of such predicament. Out of love and compassion, many of these individuals opted to divorce their spouses rather than see them suffering and deprived of medical attention. Though heartbreaking, these incidents are actually preventive. Before reaching your retirement age or better yet before turning 50, it would be best to secure a long term care insurance policy. This will ensure complete coverage of your long term care and your family’s peace of mind. What happens if in the event of receiving care you exhaust your insurance policy’s maximum benefit? You’ll have to pay out-of-pocket. If you want to prevent this from happening, you can look into the Illinois long term care partnership program, which aims to shoulder the LTC needs of elderly folks and the disabled in Illinois while helping them protect their assets. Policyholders of this partnership program are allowed to keep a dollar of their assets for every dollar which their policies pay out in benefits, as partnership insurance policies bear this special “Asset Disregard” feature. For instance, your partnership LTCI policy stipulates that you have a maximum daily benefit of $150 for a period of three years. Once a benefit trigger occurs, you will start receiving LTC benefits from your policy. Upon exhaustion of your benefits, you can apply for Medicaid assistance should you need further care without having to spend down your assets because $164,250 worth of your assets have been protected by your LTCI partnership policy. Contrary to the notion that one will spend more on annual premiums for a partnership program, you will actually get to spend less because you can settle for a shorter coverage period with a partnership program. No one can tell when he’ll need long term care and the only thing that he can do at present is prepare for it while he has the means. How many times have we heard and read about regular folks and celebrities who unexpectedly came down to a serious health condition and required long term care? Through the Illinois long term care partnership program you will be able to experience topnotch long term health care service, and at the same time your family won’t be left impoverished. Plan your future health and take advantage of Illinois long term care partnership program. Visit CompleteLongTermCare.com to find helpful resources on CLASS Act and its provisions.
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