Spare Your Assets with Partnership LTCI
Since the birth of partnership long term care insurance policies many people are no longer worried about the possibility of using up their assets should they require further care after using up their long term care insurance (LTCI) policy’s maximum benefit amount.
Nobody is 100% sure of his future healthcare needs and purchasing LTCI policy does not mean we will never shell out money for our long term care (LTC) needs.
Some policyholders, especially those with a short benefit period, winded up needing additional care after having consumed their insurance benefits but they had to pay out-of-pocket. That is why it is very important to strengthen your nest egg even if you have purchased an LTCI policy already.
On the other hand, to ensure that you will never touch your savings account, which you intend to transfer to your family’s ownership afterwards, better secure an LTCI policy that complies with the partnership program.
The partnership program is an important project between private insurance companies and various government agencies which aims to encourage everyone in the country to plan their future healthcare needs via LTCI.
Many people are afraid of purchasing an LTCI policy that will cover their future expenses on care because they dread the cost of annual premiums and the state’s approval of possible premium rate increase.
There was a time when leading LTCI companies increased the annual premium rate of its existing policyholders and thus many people ceased continuing their LTCI policies.
Through a partnership qualified LTCI policy, you need not worry about paying high annual premiums as you can settle for a short benefit period which equates with low annual premium. Should you require further care after exhausting your benefits, you can apply for Medicaid without spending down your assets.
Partnership Long Term Care Insurance Offerings
You can plan your future healthcare needs however you want but just stay away from Medicaid. This federal health insurance program has almost gone to the brink of drying up its funds due to its high expenditures on LTC in previous years.
Medicaid for supplemental care, however, is not a bad thing and to gain access to this you only have to purchase a partnership certified LTCI policy. Partnership LTCI policies allow its policyholders to apply for Medicaid assistance after having exhausted their insurance benefits without spending down their assets.
For example, a partnership qualified LTCI policy with a maximum benefit amount of $250,000 lets you keep the total amount of your assets that is equivalent to the sample figures above should you apply for Medicaid in the future.
Having a partnership LTCI policy also allows the policyholder to retire wherever he wishes. Just be sure that the state you’ll be moving to participates in the reciprocity agreement between U.S states that offer partnership long term care insurance. This way your assets shall be disregarded in case you decide to turn to Medicaid in the future.
Visit our website now to find out the importance of long term care insurance quotes. Aside from that you can also have instant access to our variety of long term care insurance policies and no-obligation long term care quotes when you visit now!
Processing your request, Please wait....
