How does Partnership Long Term Care Insurance Protect You
The benefits of a long term care insurance plan remains active during the policy period, beginning from the time the policy holder starts getting the benefits. That period is usually chosen to be about 3 years. However the requirement for the medical care may run on for more than the policy period. It may be impossible for the policy holder to sustain the medical care on his own. At this time he can turn to Medicaid. However Medicaid policy requires the candidate to be totally impoverished to be eligible for Medicaid. A partnership long term care insurance policy can help in such a situation.
Such a policy lets the policy holder hold on to some of their assets and still be eligible for Medicaid assistance for paying long term care bills. A special feature called the Medicaid Asset Protection feature is attached to partnership policies. This feature is not available with regular long term care policies. In order to keep the possession of some assets and also be eligible for Medicaid assistance you can take a partnership policy.
After the successful implementation of the plan in the initial four states, it is now available in all the states. This is an effort on the government’s part to reduce expenses through the Deficit Reduction Act 05. The partnership policy benefits can also be accessed in any other state besides the policy holder’s state. The state’s intervention also guarantees that the terms and policies of these plans are of a basic standard.