1. When you think about long term care, itsalways good to have private coveragethan to have none at all. Among manytypes of policies being offered now in themarket, Infolongtermcare.org - long termcare insurance partnership policy is theone that has some real attractivebenefits among buyers.
2. Besides the complete long term care coveragea person gets, he or she can also have what iscalled the dollar-for-dollar benefit. In thisfeature, the insured can apply for Medicaidbenefits and keep the same amount of assetsas what has been paid by his insurancecompany from his policy. This means that thepolicy has asset protection from Medicaid incase you ever need to apply for it when youveused up all your policys benefits.
3. Only long term care insurance partnershippolicies have this Medicaid Asset Protectionfeature thats why a lot of buyers are lookinginto it. It also offers a reciprocity feature thatallows policyholders to use their plan even ifthey move to a new state as long as that statealso has a partnership program.
4. Heres an example of a scenario of a 37-yearold woman who bought a partnership programpolicy. She has a maximum benefit amount of$200,000 and made sure that it had a minimumdaily benefit of $200. It also has a 3-yearminimum benefit period and a 5% compoundannual inflation protection so that it will qualifyfor the partnership program.
5. Thirty years later at the age of 67, the womansuffered a bad fall that eventually led to aweak state of health. She needed skilled care ina nursing home. Because of the expensivecosts of a private nursing home room, all herprivate insurance benefits were used up beforeshe can even reach the third year.
6. Fortunately, when she got the long term careinsurance partnership policy, she also had thebenefit of applying for Medicaid help withoutspending down her savings and assets just toqualify. In this case, she can apply for Medicaidassistance and keep an equivalent $200,000, asthis is the total amount of benefits that she hasreceived from her long term care insurancepartnership policy.