Per Marketwatch, Tennessee is now one of the 25 states now offering long term care partnership programs. We have covered Partnership programs, such as the Florida Long Term Care Partnership program, for some time and we are glad Tennessee can be added to the rolls.
How the Partnership Program Works
Basically, the plan is a way to provide incentive for Tennessee residents to protect their financial futures by purchasing long-term care insurance. We here at LTC Tree do offer plans from coast to coast that are Partnership-approved plans from the top LTC carriers. While the chance of using the Tennessee Partnership plan is slim, it can provide real benefits down the road. For those looking for more information, we’ve posted some Partnership Stats online. Additionally, the Tennessee plan appears at first look to be similar to the Virginia plan as well as the Texas plan.
What happens is that should you use your entire policy benefit, the state will step in and offer Medicaid assistance without the traditional requirements of the welfare program. Of course, the other requirements for Medicaid must still be met, such as the need for care. In essence, however, you’ll be able to protect assets should you have a long-term care insurance policy. Contact us today to learn more.
