Here are a few facts which may surprise you: Long-term care insurance is very flexible. Every long-term care policy gives you many choices for your benefits. You choose your: Daily Benefit, Inflation Benefit, Policy Limit, and Elimination Period. The richer the benefits you choose, the higher your premium. The more modest the benefits you choose, the lower your premium. […]
Partnership Qualified Policy = A type of policy that allows you to protect (keep) some of your assets if you apply for Medicaid after using your policies benefits. Not all states have these policies.
The cost of a long-term care insurance policy is based upon several factors: your age at the time you apply for the policy, the benefits you choose for your policy, your premium payment option (e.g. 10-pay, “pay to age 65″, lifetime pay) your state of residence, whether you live alone or with a spouse, partner, […]
Inflation Protection = A policy option that provides for increases in benefit levels to help pay for expected increases in the costs of long-term care services.
Long-Term Care Insurance Partnership Program The partnership program is designed to provide incentives for people to take personal responsibility for their own care by purchasing long-term care insurance. The program was designed to reduce Medicaid costs for nursing home care. In addition, it encourages Kentuckians to purchase long-term care insurance in order to protect some or all of their […]
Medicaid: How to Protect Your Family’s Future with a Georgia Long-Term Care Partnership Policy The Georgia Long-Term Care Partnership is designed to reward Georgians who plan ahead for their future LTC needs. The Long-Term Care Partnership is an innovative partnership between Georgia and private insurers of LTC insurance policies. A qualified Long-Term Care Partnership policy goes above and beyond traditional LTC […]
Shortened Benefit Period = A non-forfeiture option that reduces the benefit period but retains the full daily maximums applicable until death. The period of time for which benefits are paid will be shorter. For example, you buy a policy for three years of coverage with a $150 daily benefit, but if you let the policy […]
Personal Care ( Custodial care) = Care to help individuals meet personal needs such as bathing, dressing and eating. Someone without professional training may provide care.
Non-Forfeiture Benefits = A policy feature that returns at least part of the premiums to you if you cancel your policy or let it lapse.
Medicare Supplement Insurance = A private insurance policy that covers many of the gaps in Medicare coverage (also called Medigap insurance coverage).
Medicare = The federal care program providing hospital and medical insurance to people aged 65 or older and to certain ill or disabled persons. Benefits for nursing home and home health services are limited.
Medicaid = A joint federal/state program that pays for healthcare services for those with low incomes or very high medical bills relative to income and assets. “The number of Americans needing long-term care is expected to double in the coming decade as the population ages,” said James Firman, National Council On Aging president & CEO. “Clearly, this is an […]
Health Insurance Portability and Accountability Act (HIPPA) = Federal health insurance legislation passed in 1996 that allows, under specified conditions, long-term care insurance policies to be qualified for certain tax benefits.
Hands-On Assistance = Physical assistance (minimal, moderate or maximal) without which the individual would not be able to perform the activities of daily living.