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Long-Term Care Insurance Florida Partnership Program |
FLORIDA'S OFFICE OF INSURANCE ANNOUNCES THE LONG-TERM CARE FLORIDA PARTNERSHIP PROGRAM
TALLAHASSEE - The Florida Office of Insurance Regulation announced on 07/27/2007 the adoption of standards applicable to new and existing long-term care insurance policies under the new Long-Term Care Partnership Program, effective July 29, 2007. The purpose of the plan is to encourage people to plan for the risk of needing Long Term Care by purchasing long term care insurance as opposed to depending on Medicaid and Medicare.
Florida's Long-Term Care Partnership Program is designed to encourage people to purchase private long-term care insurance by offering them the option to exempt some or all of their assets dollar of insurance for dollar of exemption from Medicaid spend-down requirements. Note that Partnership policyholders are still required to meet Medicaid income eligibility thresholds before they may receive Medicaid benefits.
Long Term Care Insurance companies issuing or marketing long-term care policies that qualify as Florida Long Term Care Insurance Partnership policies must notify all of its policyholders with existing long-term care policies issued on or after March 1, 2003, of the benefits associated with a Florida Partnership long term care policy and offer the optional exchange.
Florida Insurance Commissioner Kevin McCarty said: "Floridians have a new option to consider as they plan for their long-term care needs. They have a private insurance option for long-term care that enables them to protect some of their assets should they ever need Medicaid's help to pay for their long-term care expenses."
The Florida Long Term Care Insurance Partnership plan is a solid plan for many people, but has many moving parts. We recommend seeking professional advise when researching the partnership plan. At LTCtree.com we work with most all of the major carriers so just simply fill out the form below and we will rush you your information on the new State of Florida Long Term Care Insurance Partnership plan.
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