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Virginia is among the 10 states whose population is projected to grow at a significant rate until 2030. Sociologists said the elderly folks of Virginia from ages 85 and older will grow by 114% in 20 years’ time so long term care facilities should be prepared from their skilled staff down to the equipment, which baby boomers are expected to use once they start requiring long term care. Aside from the preparation of health institutions and LTC facilities, the aging population is also advised to look into their options since Medicaid won’t be able to accommodate all of them and even if it did, it won’t be able to promise high quality health care and custodial care considering the fact that the program’s funds are dwindling. If you’re among the current working class and you’re between 40 and 50, this is the best time to consider an insurance policy. Perhaps you can study the offerings of the Virginia long term care partnership program for these are far greater than the standard long term care insurance (LTCI) policy. Every LTCI policy is unquestionably advantageous for a specific individual’s needs. However, what works for one policyholder will not exactly work for you. It’s like buying clothes. Just because a man’s coat looks good in a female model on the catwalk, it does not follow that you’ll look stunning if you wear it, too. Remember, she’s taller than you, she’s slimmer, and there are definitely many other factors to take into account. When shopping for an LTCI policy, you should consider all the important factors to avoid putting your hard-earned money to waste. For instance, if you would settle for a two-year comprehensive policy that will pay a maximum daily benefit of $100, how capable are you of paying for additional care should you need it later on once all of your benefits have been exhausted? In planning your long term care, it is also necessary to consider the advice of the experts. Sociologists said baby boomers have a longer life expectancy and are expected to live to their late 80s or even 90s. With a two-year policy that offers $100, the possibility of using up all your assets and leaving your family impoverished is big. To avoid this, you can consider another alternative such as the Virginia long term care partnership program. This is designed for people who have accumulated a good number of assets during the time they were employed. With its dollar-for-dollar asset protection feature, you can protect a dollar worth of your assets for every dollar which your policy would pay you in benefits in case you consider seeking Medicaid assistance afterwards. For example, you bought a partnership policy which pays a maximum daily benefit of $150 for two years. After an event qualifies you for long term care, you will start receiving your policy benefits as soon as you have satisfied the waiting period which is stipulated in your contract. Should you need further care after you have exhausted the maximum benefit from your Virginia long term care partnership program which is $109,500, you can apply instantly for Medicaid assistance while protecting your assets equivalent to your insurance policy’s maximum benefit. Through this type of LTCI policy, you can manage to secure your long term care without neglecting the future of your loved ones. Learn ways to save money on long term care insurance premiums. Visit CompleteLongTermCare.com for more details on Virginia long term care partnership program, including its benefits and qualifications.
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