Long Term Care Insurance Partnership Plans
Added Protection Ideally Suited For Middle-Income Americans
The American Association for Long-Term Care Insurance is an ardent supported of the concept of Long-Term Care Insurance Partnerships. Jesse Slome, the organization's director, helped launch the California Partnership for Long-Term Care Insurance in 1992.
If you live in a State where Partnership policies are available (see the map below) we encorage you to look into Partnership options. Simply stated, the Partnership concept began in the 1990s. The intent was to encourage more middle-income Americans to buy affordable long-term care insurance policies.There is a lot of information on this page. Insurance professionals who can sell Partnership policies have to undergo special training. We would be happy to put you together with a Partnership trained professional. Simply contact the Association for no-obligation information.
Long-Term Care Insurance Partnership Information Center
- What Is The LTC Partnership Program ?
- Approved States Map - 31 States Currently
- What People Pay For Partnership Insurance Protection
- How Much Long-Term Care Insurance Do Partnership Buyers Purchase?
What Is The Long-Term Care Partnership Program ?
As the number of elderly Americans increases, long-term-care needs and costs are likely to grow. Many believe that private long-term-care insurance can and should play a more significant role in the financing of home care and nursing home services. Wider use of such insurance could shift the burden from individuals, who are often ill-prepared to pay for such care out-of-pocket, as well as from state Medicaid programs, which often serve as a default financier of long-term-care services.
One vehicle for encouraging consumers to invest in LTC insurance is the expansion of the Partnership for Long-Term Care, a unique insurance model developed in the 1980s with support from the Robert Wood Johnson Foundation (RWJF).
Through the Partnership program states promote the purchase of private LTC insurance by offering consumers access to Medicaid under special eligibility rules should additional LTC coverage (beyond what the policies provide) be needed. Medicaid, in turn, benefits by having individuals take responsibility for the initial phase of their long-term care through the use of private insurance.
The original demonstration model has been underway since 1992 in California, Connecticut, Indiana and New York. The Deficit Reduction Act (DRA) of 2005 lifted the technical barriers Congress had imposed on such programs, allowing for the expansion of the Partnership to other states across the country.
What States Have Approved Long-Term Care Partnership Insurance For Sale ?
The map below shows states where LTC Partnership plans are currently available for sale
GREEN STATES policies available for sale
YELLOW STATES have filed approved State Plan Amendments
RED STATES have filed State plan documents and sale should begin soon
GREY STATES have no documents available for these states
What People Pay For Long-Term Care Partnership Insurance Protection
The following is summarized from a report published by the New York State Long-Term Care Partnership (2008 report).
For ages 50 to 54 the range in policy costs ran from $989-per-year to $6,407 per-year.For ages 55 to 59 the range in policy costs ran from $844-per-year to $6,939 per-year.
For ages 60 to 64 the range in policy costs ran from $1,125-per-year to $7,413 per-year.
How Much Long-Term Care Partnership Insurance Protection Do Partnership Buyers Purchase ?
The following is summarized from a report published by the California Long-Term Care Partnership (2008 report).
Daily Benefit Average$150 per-day: 41%
$160 to $190 per day: 20%
$200 per day: 28%
More than $200: 11%
If you are ready to find out whether you can health qualify for long-term care insurance and to see what coverage costs start the process. Click here to complete our simple online questionnaire and be connected with an expert in your area there is never any obligation and the information is free.