Virginia Long Term Care Partnership
Virginia Long Term Care Partnership
This is a coalition between the Virginia state government and the private insurance industry, which is specifically created to encourage the Virginia residents to successfully plan for future long-term care requirements. LTC partnership policy coverage lets Virginians afford the LTC without using up their properties and valuables.
Virginia LTC Partnership was successfully introduced on 1st September, 2007.
The demand for LTC services is getting increased and hopefully will be moving up, even more. Virginia individuals are required to plan further so that they can take maximum and best advantage of the services offered by LTC services. They should start planning right now without bothering for the moment they really need LTC coverage.
Point to be Noted
General medical insurance such as Medicaid does not cover LTC expenses. LTC insurance plans widely differ from them in the costs and range of services they provide coverage for and top of all, the scenarios for which services are offered.
What Does LTC Insurance Provide Coverage For?
LTC insurance helps individuals with health or delicate needs to pay for a bunch of supportive services. These personal or the health requirements may be the result of a severe accident, chronic illness, unexpected health condition or cognitive diseases like Alzheimer's disease.
Services offered by LTC extensively vary from the services offered by the conventional medical care services. Instead of essentially helping people to improve their health condition, LTC rather helps them to live a better life, full of health.
LTC services would be provided by a medical professional like a home health aide, a nurse or other individual health care provider. Amount and level of care may get varied depending on the place, where the individual lives. And these may include an extensive array of services; from some hours of care, every week in someone's home to around-the-clock medical care in a nursing home.
How Does LTC Partnership Work?
LTC Partnership offers advantage of Dollar-For-Dollar Asset Protection that lets the policyholders protect each dollar of their assets (not considered at the time of eligibility assessment and asset revival); provided the respective policyholders are interested to apply for Virginia Medicaid. The amount of Dollar-For-Dollar Asset Protection is calculated on the basis of amount of benefits, LC Insurance Company pays on behalf of policyholders. However, the amount may not be same as the amount of maximum benefit or premium disbursed.
Eligibility Criteria for LTC Partnership Policies; as specified by Federal Regulation
An Overview on Medicaid
Medicaid is a medical insurance program, which is governed and financed by both state and federal government, together. Medicaid offers health care services to the people, who belong to low-income community. An applicant, who belongs to any of the particular covered communities like expecting women, children and elderly individuals or who have certain disabilities as well as meet certain income criteria, are eligible for Medicaid program. Medicaid program in Virginia is administered by Department of Medical Assistance Services (website: www.dmas.virginia.gov)
The Department of Medical Assistance Services is striving to offer a system of high standard complete health care services to the eligible Virginia residents and their families. However, below-mentioned list of insurance carriers is provided to the Virginians; for informational reasons, only. The list does not represent an endorsement by The Department of Medical Assistance Services or DMAS of any service or any policy or any individual or an organization that offers any service or any policy.
Medicaid Eligibility is tremendously complicated!
Although, purchasing an LTC Partnership plan helps people have access to Medicaid, but that does not provide any guarantee.
Frequently Asked Questions for Virginia Long-Term Care Partnership Program
What is the difference between a Partnership policy and a Non-Partnership policy?
Although, Partnership and Non-Partnership plans are nearly same, but there is a difference between two of them. Partnership plans offer an added advantage to the policyholders, by means of which they can protect a part of their resources, only if they are interested in applying for Medicaid program. Non-Partnership plans do not offer such facility.
Is LTC Partnership plans are costlier than Non-Partnership LTC insurance plans?
Cost of an LTC Partnership plan is almost similar to a Non-Partnership LTC insurance plan, which offers the same advantages, policy and inflation protection criteria that are also offered by a LTC Partnership plan.
How is it possible for an owner of a Partnership policy and his or her family to know whether a policy gets qualified as a Partnership policy?
Does a Virginia Partnership policy qualify for dollar-for-dollar asset protection in other states of United States?
Yes, Virginia State plans to take part in a nationwide reciprocity agreement commencing in January, 2009. Nevertheless, it is possible that not every American state will play a part in this agreement. An applicant should meet the Medicaid eligibility in the state of residence.
Which insurance providers may offer Partnership policies?
All insurance carriers that have authority to offer Virginia medical insurance are able to offer Partnership policies. However, the policies should be permitted by the Virginia Bureau of Insurance. At present, 15 insurance carriers are permitted to offer Partnership policies and those are:
Virginia's Approved Insurance Carriers
For the most updated information, you can visit: http://www.scc.virginia.gov/division/boi/webpages/inspagedocs/ltclist.pdf
When can a Partnership policy holder apply for Medicaid?
Will a policy holder automatically qualify for Medicaid, if he or she exhausts his or her existing LTC Partnership?
No! He or she should still meet up level of care criteria for LTC. He or she should also meet the resource (the amount paid by the insurance provider on behalf of the policy holder, as benefits) and income criteria.
LTC Partnership Quick Guides
1) Asset protection is completely depend on what the insurance provider has disbursed (dollar-for-dollar) as benefits. However, it does NOT depend on the amount of premiums disbursed or the whole value of the LTC policy.
2) Present LTC insurance policies will not be converted into Partnership Policies.
3) Exhausting a Partnership policy does not anyway ensure guaranteed access to Medicaid. An applicant should meet all the qualifying criteria.
For more information on Virginia LTC Partnership, you can visit at http://www.valtcpartnership.org/
For a comprehensive list of licensed LTC Partnership policies, you can contact at Virginia Bureau of Insurance - Life and Health Consumer Outreach. Or, you can call at 1-877-310-6560 or you can visit http://www.scc.virginia.gov/
You can also contact The Virginia Department for the Aging for referral to local Virginia Insurance Counseling and Assistance Program or VICAP at 1-800-552-3402 or visit http://vda.virginia.gov/vicap2.asp
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