The presidential campaigns have started in full force. With
many candidates talking about single payer health programs the question about
how that might impact long-term care is coming up. Too many people are unaware
of a unique program available right now in most states.
The Federal/State Long-Term Care Partnership Program does
not get the attention it deserves. Most Americans are unaware this government
partnership program is available in most states. It provides American families
with additional “dollar-for-dollar" asset protection from the tremendously
high costs of long-term care services and supports. Since so many American
families are impacted by the financial costs and burdens of aging, planning for
long-term care is essential in preserving assets so American families can enjoy
a future successful retirement.
Recently I was speaking in Phoenix about the need for
long-term care planning. Longevity has become a huge issue. Many presidential
candidates are talking about government control of health care in the United
States. Some even suggest long-term care should be part of it. This will not
happen but there is a government program many people are unaware of what will
benefit many American families that don’t want to place the burden of
caregiving on their children or risk draining their assets on paid caregivers.
The Long-Term Care Partnership Program provides many
Americans outstanding benefits as they plan their future retirements. This is
on top of the benefits these policies already provide. In 2018 alone the major
insurance companies paid over $10.3 billion in Long-Term Care Insurance
benefits. In addition, many policies provide case management which help
families develop appropriate plans of care and find good providers which meet
their needs.
Read the full story here: https://www.expertclick.com/NewsRelease/Consumers-Unaware-of-Available-LongTerm-Care-Plan,2019180295.aspx
Most states participate. These special Long-Term Care
Insurance policies are providing consumers additional dollar-for-dollar asset
protection when they purchase a qualified Long-Term Care Insurance policy. The
program is a joint federal-state program which allows a person to shelter part
of their estate equal to the amount their Long-Term Care policy paid in
benefits and still qualify for Medicaid's long-term care benefit.
Normally, a person must have little or no assets in order to access the
Medicaid long-term care benefit.
This is really a game changer for the middle class and the
upper middle class. It gives you the peace-of-mind knowing you will always have
access to your choice of quality long-term care services and supports without
risking your life savings. Since these policies are custom designed, you can
purchase a smaller plan protecting all or a large portion of your savings at a
very affordable price.
The Obama administration toyed with the idea of long-term
care when they put together their "Obamacare" program. However,
administration actuaries at the Department of Health and Human Services urged
the White House to drop the idea because of cost and the White House heeded the
advice.
