The State of California, like many states across the country, has developed a unique and viable solution to tackling the long-term care “crunch” facing its citizens in the coming decades. This “crunch” in long-term care is a national phenomenon as the population ages. Awareness of the need for Long Term Care Insurance remains low. Long Term Care Insurance is insurance that pays for services such as nursing homes, in-home care and assisted-living care when one is unable to care for themselves. These services are not covered by regular health insurance and only by Medicaid if one qualifies, which can be difficult without exhausting all of your assets.
A Genworth Financial recent study found that 7 in 10 Americans have made no plans for long-term care and many were not even aware of this type of insurance and what it covers. In addition, the Department of Health and Human Services estimates that 2/3 of all Americans will need long-term care at some point after they pass age 65. Thus, many Americans will face a “crunch” in paying for their long-term care and will be at risk of having to exhaust their nest egg or rely on their children or other relative to care for them in retirement should they become unable to care for themselves.
But, if you are a resident of California, you should be aware of the California Partnership for Long Term Care which “is dedicated to educating Californians on the need to plan ahead for their future long-term care and to consider private insurance as a vehicle to fund that care.” California offers those who do their part in solving this “crunch” of long-term care a way to protect themselves and their assets. Basically, it works like this: those who purchase a Long Term Care Insurance “Partnership Policy” from one of the insurers certified to sell these policies in California are eligible for Medi-Cal asset protection. This enables participants to shield their assets should they need to apply for Medicaid as normally one is required to exhaust all assets before qualifying for Medicaid’s long-term care coverage.
Highlights of the plan include:Only a select number of insurers are qualified to sell “Partnership Policies”The Partnership is an innovative program of the State of California, Department of Health Care Services in cooperation with a select number of private insurance companies.The insurers must meet sringent requirements set by the stateThese companies have agreed to offer high quality policies that must meet stringent requirements set by the Partnership and the State of California. These special policies are commonly called “Partnership policies.” Consumers get the highest quality policy possiblePartnership policies take the guesswork out of ensuring you purchased a quality policy. In addition to many other consumer protection features, Partnership policies offer the special benefit of Medi-Cal Asset Protection.
Start planning today for your future and securing all that you’ve worked so hard to achieve for your retirement by purchasing a Long Term Care Insurance policy throug California’s Partnership for Long Term Care Insurance program. LTC Tree can help you find a plan that is right for you, no matter your age or financial status. If you’d like to learn more about our affordable Long Term Care Insurance policies, simply fill out this form. Thank you for reading today’s blog. We really appreciate it.
