Florida long term care partnership program is one of the government initiatives that aims to offer cheaper monthly premiums to its residents. It is also one way of encouraging them and to make them realize how important having an Long term care insurance policy is to their future LTC needs.
There is no denying that some people doubt getting an LTC plan for themselves because of the expensive rates that comes with such policies. for them, it is unpractical to spend and shell out that amount of money especially now that the economy is still unstable and financial turmoil is still threatening the country. They opt to delay, or worse, do not but one at all thinking that they will not need it in the coming years.
Truth is, it was found out that an individual would require to receive LTC services at least once in their entire lifetime and that it usually lasts for an average of three years. This just shows that LTC insurance plans are beneficial and helpful especially to those who are nearing their retirement age and have weaker health status.
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LTC insurance policies provide services and facilities that cater to the medical needs of the insured individuals. An insured person may stay and be confined in a nursing home or adult day care facility to receive treatment and other medical assistance during the course of his policy’s benefit coverage period. However, he may also opt to receive his policy benefits at the comfort of his own home.
Florida long term care partnership plans, although much cheaper than those that were bought in private insurance companies, provide two more additional features that give more benefits and advantages to their policyholders. These features are known as the Dollar-for-Dollar asset protection and the reciprocity standards.
The Dollar-for-Dollar asset protection feature allows the insured individual to keep a dollar of his assets for every dollar that his partnership plan pays out in benefits. Should he needs to avail of Medicaid benefits in the future, these assets will then be disregarded by Medicaid, thus, giving him the chance of getting qualified for eligibility. However, owning a partnership plan does not guarantee an individual of automatic qualification. He must still meet the standards set by Medicaid in order to receive its benefits.
On the other hand, the reciprocity standards let the insured person to transfer or move from one state to another without the need of buying another partnership policy. The partnership plan that he owns from his previous state will still be usable and valid, given that the state that he transferred to participates in the reciprocity agreements of the other states that have partnership programs.
Aside from these two additional features, all partnership policies also provide the three mandatory features of all LTC plans namely, benefit amount, benefit coverage period, and inflation protection.
For more details on what other benefits the Florida long term care partnership plans has in store for the possible policyholders, one may ask directly his preferred insurance provider or he may visit the websites of some of the private insurance companies in the country.
